Crown Research Institutes Remain in Surplus

Crown Research Institutes Remain in Surplus

The surplus after tax and non-operating items for New Zealand's nine Crown Research Institutes (CRIs) was $11.6 million, for the year ended 30 June 2003, according to Statistics New Zealand. This was an increase of $1.0 million, when compared with the June 2002 year.

In the year to 30 June 2003, total income received by the nine CRIs increased by $8.6 million to reach $520.1 million. Sales revenue, up $10.1 million, was slightly offset by a $3.9 million fall in Government revenue. Interest revenue also fell, down $1.4 million, while all other income rose $3.8 million, compared with the June 2002 year.

CRIs' operating expenses increased by $16.9 million to reach $504.9 million for the year ended June 2003. Employee costs were the main contributor to the increase, rising $9.3 million to reach $256.6 million.

The value of total assets at the end of June 2003 was $436.3 million, an $8.3 million increase on June 2002. Current assets rose $2.5 million to $115.8 million, while the level of investments fell $2.6 million to $4.8 million. The value of CRIs' fixed assets increased, up $7.9 million to reach $296.4 million.

Total liabilities remained relatively unchanged, at $138.7 million, at the end of June 2003. As a result of this, taxpayers' equity in CRIs rose by $7.7 million to reach $297.6 million at the end of June 2003.

Brian Pink
Government Statistician
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