All dollar figures given below are in current prices unless otherwise stated. All revenue and expenditure is exclusive of goods and services tax (GST).
Crown research institutes (CRIs) were established in 1992 as Government-owned businesses with a scientific purpose. Each institute is based around a productive sector of the economy or a grouping of natural resources.
Crown research institutes' operating surplus decreases, while their financial position improves
The collective income of Crown research institutes (CRIs) decreased $3.1 million, to $684.8 million in the year ended 30 June 2011. Their total income decreased 0.4 percent in the year ended 30 June 2011, compared with an increase of 1.5 percent in the year ended 30 June 2010.
Operating expenses increased by $0.1 million in 2011 compared with 2010. Operating expenses are now $657.5 million.
The operating surplus of CRIs decreased 10.5 percent in the year ended 30 June 2011. The overall surplus after tax was $22.5 million for the year ended 30 June 2011.
Long term liabilities decreased 14.9 percent but didn't offset the overall increase in equity and liabilities. This resulted in an overall increase in equity and liabilities for the year ended 30 June 2011 of $17.4 million. Equity increased by $16.5 million and totalled $499.3 million at 30 June 2011. Current liabilities rose 7.9 percent.
Operating income decreases, while operating expenses increases slightly
Overall operating income decreased 0.4 percent, and reached $684.8 million for the year ended 30 June 2011. The largest change in value was in sales, which decreased by $3.7 million to $298.3 million.
Total operating expenses increased slightly for the year ended 30 June 2011, reaching $657.5 million. The previous increases were 0.7 percent, 4.9 percent, and 7.6 percent for 2010, 2009, and 2008, respectively. Employee costs, which reached $350.8 million in the year ended 30 June 2011 (up $9.2 million on the previous year), made the largest contribution towards the small increase. Interest paid by CRIs increased $0.4 million in the year ended 30 June 2011. The increases in employee costs and interest paid were partly offset by decreases in all other expenses and depreciation. All other expenses decreased $8.8 million and depreciation decreased $0.7 million in the year ended 30 June 2011.
CRIs reported an operating surplus before tax of $27.3 million for the year ended 30 June 2011, a decrease of $3.2 million over the previous year. After tax, CRIs reported a surplus of $22.5 million, an increase of $34.9 million when compared with the deficit of $12.4 million recorded in the year ended 30 June 2010.
Financial position improves
When compared with 2010, Crown research institutes' equity position (the difference between assets held and liabilities outstanding) improved in the year ended 30 June 2011. This is mainly due to the value of current assets, such as cash and bank deposits.
Total assets for CRIs were $731.3 million at 30 June 2011 (up 2.4 percent), increasing at a much faster rate than the previous year. The increase between 2009 and 2010 was 1.7 percent.
Current liabilities increased from $154.7 million in the year ended 30 June 2010 to $167.0 million in the year ended 30 June 2011. On the other hand, long term liabilities decreased $11.4 million, to reach $65.1 million in the year ended 30 June 2011.
For more detailed data see the Excel tables in the ‘Downloads’ box.