2013 AnnuAl RepoRt - Australian Grand Prix

3. Financial Informationa. Summary of Financial ResultsFormula One Grand PrixThe 2013 Formula 1 ® Rolex Australian Grand Prix was held on 14 – 17 March 2013.The Corporation was again successful in increasing revenues for corporate, grandstandand general admission tickets over 2012 levels due to innovative and flexible ticketoptions.The actual government investment for the 2013 Formula 1 ® Rolex Australian Grand Prix of$50.671 million was lower than the business plan due to increases in revenue andreductions in expenditure arising from favourable contract negotiations and suppliermanagement.As a result of the staging of the event, Melbourne and the State of Victoria were onceagain provided with international exposure and broad economic and branding benefits.Formula One Grand PrixFutureEvents$’0002013Event$’0002012Event$’0002011Event$’0002010Event$’0002009Event$’000Sales Revenue - 30,250 27,896 26,462 24,576 26,746Total Revenue - 40,080 36,366 33,402 31,095 35,317Total Expenditure - (90,751) (93,022) (83,452) (80,349) (75,547)Operating Surplus/(Deficit)beforeGovernment Investment,Depreciation & UnrealisedExchange Gain/(Loss)- (50,671) (56,656) (50,050) (49,254) (40,230)Government Investment 2,017 50,671 56,656 50,050 49,254 40,230Capital Works ActivitiesThe total capital allocation by the government for the 2012-13 financial year was $1.160million (2011-12 $1.374 million). The 2012-13 capital works expenditure relates to:• works conducted under licence from Parks Victoria that included:ooootransfer of V8 community centre works and powervarious asphalt works in Albert Parkconstruction of a concrete fuel bundinstallation of sculptures of Sir Jack Brabham and Alan Jones• Park improvement and event infrastructure works• Albert Park track improvement works18 Australian Grand Prix Corporation Annual Report 2013 18