Surplus for Crown research institutes

The collective operating surplus for New Zealand's Crown research institutes (CRIs) reached $25.2 million in the year ended June 2009, Statistics New Zealand said today. The surplus was $1.9 million less than the $27.1 million surplus achieved in the June 2008 year. After accounting for profit/loss on sale of fixed assets, extraordinary items, and taxation, the CRIs collective surplus was $12.5 million, down $9.5 million on the June 2008 result.

Total operating income increased $28.8 million to $677.9 million in the year ended June 2009. The two most significant contributors to the increase were income from sales (up $12.7 million) and government revenue (up $12.1 million).
Total operating expenses increased $30.8 million to reach $652.8 million in the year ended June 2009. Employee costs contributed $20.6 million to the increase and totalled $334.3 million. All other expenses (excluding depreciation and interest paid) increased by $7.4 million to total $265.9 million in the year ended June 2009.

Taxpayers' equity in the CRIs rose by $13.2 million to $498.4 million. Current liabilities totalled $155.1 million (up by $24.1 million), while long-term liabilities fell $4.0 million to $48.4 million.

Total value of total assets increased $33.3 million to reach $701.9 million at 30 June 2009, surpassing $700 million for the first time since Statistics New Zealand began surveying CRIs.

Unlike the previous year, when the adoption of New Zealand International Financial Reporting Standards contributed to much of the increases, the year ended June 2009 results have been affected by the merger of the New Zealand Institute for Crop and Food Research Ltd and the Horticulture and Food Research Institute of New Zealand Ltd.