Science & Innovation Sector

New Zealand Institute for Crop & Food Research Ltd (Crop & Food Research)

Crop & Food Research’s science activities are focused on the arable foods, vegetable foods, seafood, ornamentals, animal feed and plant product sectors. The company sees its science teams as world-class intellectual property (IP) generators for its effective IP commercialisation capability. Crop & Food Research has equity participation in a growing group of subsidiary companies and ventures.

Website: www.crop.cri.nz (opens in new window)

2008/11 Statement of Corporate Intent (.pdf 8,163kb)

Key Company Data

Company Form	Crown research institute
Year of Establishment	1992
Head Office	Lincoln
Major Campuses	Pukekohe, Palmerston North, Nelson, Lincoln
Chair (term expiry)	Rodney Wong (June 2010)
Deputy Chair	Dr Richard Janes (June 2010)
Board Membership	Patrick Boyle (June 2010)
	Janie Elrick (June 2011)
	Nancy Sheehan (June 2009)
CEO	Mark Ward
Balance Date	30 June
Number of FTE Staff	325

 

 

Key Financial Data ($ million)	2002/03	2003/04	2004/05	2005/06	2006/07
Financial Performance
Total Revenue	35.9	39.8	47.1	53.5	55.6
FRST + NSOF / Capability Fund	18.8	20.7	29.7	32.4	36.6
EBIT	0.9	0.5	(0.6)	(1.4)	0.0
Net Profit After Tax	0.4	1.3	(0.6)	(1.5)	0.8
EBIT Margin	2.6%	1.2%	(0.8%)	(2.6%)	0.1%
Return on Assets	3.3%	1.5%	(1.5%)	(3.5%)	0.2%
Return on Equity	2.5%	7.0%	(3.0%)	(6.8%)	3.8%
Financial Position
Total Assets	27.7	36.6	39.3	41.8	40.1
Equity	17.1	21.4	20.8	22.3	23.1
Equity Ratio	61.6%	58.5%	52.9%	53.1%	55.5%
Current Ratio	0.6	1.9	0.9	0.8	1.2

Financial data and staff member information correct as at 30 June 2007. All other information correct as at 1 July 2008.

CCMAU commentary on 2006/07 performance

Crop & Food Research’s revenue increased to $55.6 million, a 3.7% increase over 2005/06, although this result was significantly below budget.

The company recorded a net profit after tax of $854,000, against a budgeted profit of $152,000, which was a significant improvement on the net loss of $1.5 million recorded in 2005/06. 

During the year, the company also negotiated two new significant contracts with FRST, Future Vegetables and Fashionable Plants, under the government’s new stable funding platform.  These contracts will provide a level of funding stability for the organisation in a number of core areas.

The costs associated with Gracelinc Ltd, a 100%-owned subsidiary, continue to have a major effect on Crop & Food Research’s overall profitability.  Gracelinc has recently announced a substantial order from Barilla G.R. F.lli S.p.A., a large Italian food company.