apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit
apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit
apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>Crown</strong> Research InstitutesBackground<strong>Crown</strong> research institutes (CRIs)were established under the <strong>Crown</strong>Research Institutes Act 1992.The 2010 CRI Taskforce reportconfirmed the critical role that CRIsplay in addressing New Zealand’smost pressing issues: economicgrowth; improving the sustainabilityof natural resources; andmanaging exposure to risks thatcould otherwise destabilise society,the environment and the economy.CRIs provide research and a rangeof related scientific and advisoryservices.In February 2011 the Ministry ofScience and Innovation (MSI)was formally launched. Thissaw CRI policy, investment andownership functions brought intoone agency. MSI has establisheda CRI <strong>Ownership</strong> and Performance<strong>Unit</strong>. The unit provides adviceon ownership matters, reports onperformance and works with CRIsto maximise performance. The CRI<strong>Ownership</strong> and Performance <strong>Unit</strong>works closely with COMU. COMUprovides monitoring advice to MSIas required and provides the Boarddirector appointment processes forCRIs.As the primary purpose of CRIs is not commercial they are only covered inaggregate in this report. The financial information shown here is the result ofconsolidation of the accounts of all eight CRIs.Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return (5.0%) 38.2% 6.3% 0.9% 1.8%Dividend yield 0.1% 0.1% 1.8% 0.4% 0.2%Dividend payout (12.8%) 1.7% 19.0% 5.1% 3.6%Adjusted ROE 5.9% 7.0% 3.6% (2.4%) 2.9%EfficiencyROCE 8.7% 8.3% 4.7% 7.9% 3.8%Operating margin 9.9% 11.4% 10.8% 13.0% 11.4%LeverageNet gearing 6.6% 0.8% 0.0% 0.0% 0.0%Interest cover 17.40 17.95 23.36 61.51 42.27Current ratio 1.14 1.25 1.13 1.16 1.18OtherFive-year averageDividend growth 28.5%Revenue growth 3.5%Income statement$m 2007 2008 2009 2010 2011Revenue 595 641 674 687 681EBITDAF 59 73 73 89 78NPAT 17 20 10 (12) 20Balance sheet$m 2007 2008 2009 2010 2011Total assets 516 669 696 716 739Total liabilities 176 185 199 232 234Commercial value* 341 471 493 495 503Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 37 64 91 85 73Purchase of fixed assets 73 58 69 72 58Dividends 0 0 9 2 1Net cash flow (9) 9 10 14 10Note:* Valuation from the CRIs’ Statements of Intent (SOI)page | 104
Change language