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Income slows for Crown research institutes

Wednesday 1 December 2010, 3:20PM

By Statistics New Zealand

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Crown Research Institute Statistics: Year ended 30 June 2010
Crown Research Institute Statistics: Year ended 30 June 2010 Credit: Statistics New Zealand
Crown Research Institute Statistics: Year ended 30 June 2010
Crown Research Institute Statistics: Year ended 30 June 2010 Credit: Statistics New Zealand

Crown research institutes (CRIs) recorded an increase in operating income of 1.5 percent for the year ended 30 June 2010, Statistics New Zealand said today. The largest contributor to income was government revenue (research funding), which was offset by a decrease in (commercial) sales.

Operating expenses increased 0.7 percent in the year ended June 2010. The largest contributor to this increase was employee costs but this was partly offset by a decrease in all other expenses (excluding depreciation and interest paid).

"Both income and expenses for CRIs showed the smallest percentage increase in the past 13 years," acting national accounts manager Jason Attewell said. 

Taxes paid by CRIs increased by $33.7 million over the previous year, resulting in a tax figure of $40.0 million for the year ended June 2010. This is due to the changes to tax rules, relating to depreciation rules on most buildings with an expected life of 50 years or over, as announced in the 2010 Budget Statement by the Government.

CRIs reported an operating surplus before tax of $30.4 million at 30 June 2010, an increase of $5.3 million over the June 2009 year. This figure has been affected by the one-off depreciation tax adjustment required to align with the new tax rules. CRIs showed a deficit (after tax) of $12.4 million, compared to a surplus of $12.5 million for the year ended June 2009.

 

Highlights

  • Crown research institutes (CRIs) recorded an increase in operating income of $9.9 million to $687.9 million for the year ended June 2010.
  • Operating expenses increased by $4.7 million to $657.4 million.
  • Operating surplus (before tax) was $30.4 million in the year ended June 2010, up $5.3 million from the year ended June 2009.
  • Taxes paid by CRIs increased by $33.7 million, reaching $40.0 million.
  • CRIs recorded a deficit after taxation of $12.4 million compared to a surplus of $12.5 million in the June 2009 year.
  • Total assets were valued at $713.9 million at 30 June 2010; up $12.0 million from the previous year.