Surplus for Crown research institutes

New Zealand's nine Crown research institutes (CRIs) reported a collective operating surplus of $16.7 millionin the year ended June 2007, Statistics New Zealand said today.

Lower net income from profit on sale offixed assets and extraordinary items resulted in a decline in CRI collective surplus before taxation whencompared 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 previousJune year) and earned $279.1 million in sales (up $11.4 million).

In contrast, interest revenue and all otherincome declined between 2006 and 2007.

Total CRI operating expenses increased $14.6 million to reach $584.0 million in the year ended 30 June2007. 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 June2006.

Current and long-term liabilities totalled $175.0 million at 30 June 2007, up $17.3 million from theprevious 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 June2006. The value of fixed assets increased $25.6 million to $337.4 million, while the value of investmentsrose $17.3 million to $22.7 million.