Crown Research Institutes' Sales Up

Crown Research Institute Statistics: Year ended 30 June 2000

Crown Research Institutes (CRIs) earned $176.1 million in sales in the year ended June 2000, provisional Statistics New Zealand figures show. This was $19.8 million more than they earned in the year ended June 1999.

Government revenue also increased during the year ended June 2000, by $9.9 million, while interest revenue decreased for the second consecutive year, down $1.0 million to $2.4 million. All other revenue increased from $4.5 million in 1999 to $6.2 million in 2000.

While revenue rose in the latest year, operating expenses also increased for the nine CRIs. Total operating expenses for the year ended June 2000, at $423.4 million were $31.1 million higher than in the June 1999 year. This is the largest increase since the June 1996 year. Employee costs rose from $207.0 million in the June 1999 year, to $214.5 million in the June 2000 year, an increase of 3.6 per cent. Other expenses increased by $22.7 million and depreciation increased by $1.0 million or 3.1 per cent.

The surplus before tax and non-operating items totalled $26.8 million for the June 2000 year, a decrease of $0.7 million on the previous year. However after tax and non operating items, the CRIs recorded a $15.7 million surplus. This was a $4.1 million increase on the surplus recorded in the June 1999 year.

During the June 2000 year the Crown Research Institutes acquired an additional $53.5 million of fixed assets and disposed of $12.1 million of their fixed capital items. The value of the CRI's fixed assets rose by $14.8 million to $270.5 million during the year. Current assets increased from $94.6 million to total $100.2 million. Investments also rose $4.1 million to total $9.5 million. Total assets at 30 June 2000 were $395.7 million, an increase of $26.2 million on the June 1999 year.

Taxpayers' equity in the Crown Research Institutes increased by 8.7 per cent, or $23.6 million on the June 1999 year, to total $294.1 million at the end of June 2000. This increase is mainly a result of accumulated surpluses.

Liabilities at the end of June 2000 totalled $101.6 million, an increase of $2.6 million from June 1999. This consisted of current liabilities of $83.0 million and long term liabilities of $18.6 million.

Brian Pink GOVERNMENT STATISTICIAN

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