2019 Half Yearly Report

Read NIWA'S 2019 Half Year Report.


At the half year stage NIWA’s key financial metrics are generally close to budget with variances being within the normal phasing variation experienced each year, including related to the mix of work performed from month to month. Revenue is below budget, largely due to the timing of work performed by collaborators on the two National Science Challenges that NIWA hosts, and mostly offset by lower costs.

All science objectives as outlined in the 2019/20 Statement of Corporate Intent are on track, and good progress has been made with the implementation of initiatives to improve NIWA’s operational efficiency and effectiveness.

An ongoing focus on collaborating with other science providers has strengthened NIWA’s research capability and supported the application of NIWA’s science to industry and government agencies, as illustrated below.

Download the Half Yearly Report for the six months ended 31 December 2019 [PDF 1.09MB]

Financial Results

NIWA’s revenue in the first half of the year of $68.910 million was $5.966 million lower than the same period last year and $5.791 million behind the budget of $74.701 million. This was largely related to delays in work performed by collaborators on National Science Challenges that NIWA hosts and will not impact on full year profitability or cash flow. Loss after taxation of $(2.866) million was $0.887 million below budget.

Expenses were $1.163 million lower than during the same period last year, and $4.102 million lower than budgeted. This was due to decreased spending on subcontractors, and materials and supplies, and offsets the increased personnel costs and depreciation costs resulting from reassessments of assets’ useful lives.

As at 31 December 2019, NIWA’s cash balance was $30.112 million (including other short-term investments) compared with a budget projection of $23.824.

NIWA's 2019 Half Yearly Report cover