Annual Report 2011 Australian Grand Prix Corporation

More documents

Recommendations

Info

3. Financial Informationa. Summary of Financial ResultsFormula One Grand PrixThe 2011 Formula 1 Qantas Australian Grand Prix was held on 24 – 27 March 2011.The Corporation was successful in delivering the Formula 1 event within budget expectations.The Corporation continued to provide innovative and flexible ticket options, which helped bothcorporate sales and grandstand sales increase revenue over 2010 levels.Expenditure increased from the 2010 Event as a result of a number of factors including: the increasein contractual commitments and an increase in the cost of grandstand and corporate facilities asa result of the increase in sales volume at the 2011 Event.The government contribution to the Formula 1 event was $50.050m in 2011 which was favourableto business plan expectations and should be considered in conjunction with the substantial benefitsto the State of Victoria both in terms of economic benefit and branding and advertising exposuregenerated by the international television coverage and media interest.Formula One Grand PrixFutureEvents$’0002011Event$’0002010Event$’0002009Event$’0002008Event$’0002007Event$’000Sales Revenue - 26,462 24,576 26,746 34,899 32,993Total Revenue - 33,402 31,095 35,317 43,257 43,441Total Expenditure - (83,452) (80,349) (75,547) (83,393) (78,068)Operating Surplus/(Deficit)before Government Investment,Depreciation & Unrealised- (50,050) (49,254) (40,230) (40,136) (34,627)Exchange Gain/(Loss)Government Investment 1,228 50,050 49,254 40,230 40,136 34,627Capital Works ActivitiesThe total capital allocation by the government for the 2010/11 financial year was $1,851k (2009/10$1,384k). The 2010/11 capital works expenditure relates to event requirements, such as constructionof the new V8 pitlane, safety requirements, office equipment and website development. Capitalworks in Albert Park are conducted under licence from Parks Victoria. Such items in the 2010/11financial year included park improvement and infrastructure works including the improvementand repair of drainage and sewer works in and around the pit buildings and the replacement ofguard rails.Australian Grand Prix Corporation Annual Report 2011 17
Motorcycle Grand PrixThe 2010 IVECO Australian Motorcycle Grand Prix was held on 15 - 17 October 2010.Whilst the Motorcycle Grand Prix event has enjoyed strong growth in revenues and attendancesince 2006, in 2010 revenues were severely affected by the inclement weather that prevailed in thelead up to and on the first two days of the event. As a consequence of the weather conditions,general admission revenues were significantly down when compared to prior years.Due to the fall in revenue, government funding required was $1.4m above both the prior year andfinancial expectations.Overall for the 2010 Motorcycle Grand Prix event there was a 2.0% increase in expenditure from the2009 event, predominantly due to an increase in contractual commitments and additional costsassociated with managing the adverse weather conditions.Motorcycle Grand Prix -Result by EventFutureEvents$’0002010Event$’0002009Event$’0002008Event$’0002007Event$’000Sales Revenue - 6,172 7,276 7,488 7,825Total Revenue - 7,583 8,656 8,785 8,970Total Expenditure - (14,204) (13,926) (13,584) (13,088)Operating Result beforeGovernment Contributions- (6,621) (5,270) (4,800) (4,118)& DepreciationGovernment Investment 3,074 6,621 5,270 4,800 4,118Motorcycle Grand Prix -Result by Financial Year2010/11$’0002009/10$’0002008/09$’0002007/08$’0002006/07$’000Sales Revenue 6,172 7,276 7,488 7,825 5,140Total Revenue 7,583 8,656 8,823 9,021 6,403Total Expenditure (14,204) (13,926) (12,568) (12,618) (12,708)Operating Result beforeGovernment Contributions(6,621) (5,270) (3,745) (3,597) (6,305)& DepreciationGovernment Investment 5,105 6,758 5,623 3,968 5,83618Australian Grand Prix Corporation Annual Report 2011
Page 3 and 4: 1. Report of the ChairmanThe Austra
Page 5 and 6: in Formula 1. Melbourne is the only
Page 8 and 9: Strategic PrioritiesThe strategic p
Page 10 and 11: Reporting & Consultative Structure
Page 12 and 13: e. Administrative StructureMembers
Page 14 and 15: James A Strong AOJames Strong is cu
Page 16 and 17: f. Workforce DataThe number of pers
Page 20 and 21: . Consultancy ServicesConsultancies
Page 22 and 23: Disclosure of Major ContractsDuring
Page 24 and 25: Australian Grand Prix CorporationAB
Page 26 and 27: Balance Sheet as at 30 June 2011Not
Page 28 and 29: Cash Flow Statementfor the Financia
Page 30 and 31: Notes to and Forming Part of the Fi
Page 68 and 69:
Notes to and Forming Part of the Fi
Page 70 and 71:
Australian Grand Prix Corporation A
Page 72 and 73:
The Australian Grand Prix Corporati
Page 74:
Australian Grand Prix Corporation22
show all

Annual Report 2011 Australian Grand Prix Corporation

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?