2013 AnnuAl RepoRt - Australian Grand Prix

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ustralian Grand Prix CorporationAnnual Report 2013Report of Operations1. Report of the Chairman 22. General Information 7a. Introduction 7b. Mission Statement 7c. Vision Statement 7d. Functions and Objectives 7e. Administrative Structure 10f. Workforce Data 16g. Freedom of Information 16h. Multicultural Policy 173. Financial Information 18a. Summary of Financial Results 18b. Consultancy Services 20c. Members’ Meetings 20d. Building Act 1993 20e. Victorian Industry Participation Policy Act 2003 21f. Available Information 21g. Details of Advertising Expenditure 22h. Protected Disclosure Act 22i. Disclosure Index 244. Financial Statements 25Comprehensive Operating Statement 26Balance Sheet 27Statement of Changes in Equity 28Cash flow statement 29Notes to and forming part of the Financial Statements 30Statement by Members of the Board and Officers 66Auditors’ Report 675. Insurance Attestation 696. Event Sponsors 70Australian Grand Prix Corporation Annual Report 2013 1
1. Report of the ChairmanThe Australian Grand Prix Corporation has once again delivered two outstanding events overthe past 12 months.I am proud to note that the results show the Victorian Government’s financial investment isless than it has been in previous years for both events. This reflects the Corporation’scontinued success in attracting higher estimated attendances, increased revenues and costsavings through prudent management.The Victorian Government’s continued commitment to its major events strategy deliversextensive economic benefits to the State and provides the ability to generate domestic andinternational tourism activity.In July 2013, over 95,000 fans packed the Melbourne Cricket Ground to watch LiverpoolFootball Club play Melbourne Victory. The sell-out crowd set a record for a soccer match inVictoria and was the biggest crowd ever to have watched Liverpool anywhere in the world.In the absence of natural or geographic tourism drawcards and landmarks on the scale ofthe Great Barrier Reef, Sydney Harbour or Uluru, major events are Victoria’s competitiveadvantage. Securing, creating, staging and then retaining these major events is a highlycompetitive global business.Other cities are following Melbourne’s lead.Global competition for events continues to increase and Victoria competes against highlyfunded and proactive competitor cities. Major events of the calibre of the Formula 1 ®Australian Grand Prix, in particular, are few and far between.The Formula 1 ® Australian Grand Prix is without question the most globally visible event ofVictoria’s major events calendar whilst the Australian Motorcycle Grand Prix provides uniqueexposure for regional Victoria each year. These two international events along with the otherpillars of the major events strategy have particular significance for Victoria by:• Accounting for a significant share of total exposure for Melbourne arising from events,particularly internationally;• Providing exposure for complementary events, particularly those that are sport-related;• Generating business expertise which improves the performance of other events inMelbourne;• Supporting infrastructure which is enjoyed by the general community year round; and• Allowing smaller events to leverage interstate and international visitors.A report commissioned by the Victorian Major Events Company estimates that Victoria’smajor events deliver an economic impact to the State of approximately $1.4 billion annually.This report shows that major events attract over 230,000 international visitors to Victoria everyyear. The industry employs over 3,350 Victorians.Additionally, reports commissioned by Tourism Victoria estimate that the 2011 Formula 1 ®Australian Grand Prix created between 351 and 411 jobs on a full time equivalent basis,increased Victoria’s real Gross State Product by between $32m - $39m and provided amedia or advertising equivalency value of over $36m annually.Victoria’s enviable calendar of events has helped the State maintain a consistentvisitation rate throughout the year, despite the seasonal nature of the tourismindustry. The State’s long-standing policy of attracting major events, particularlyinternational sporting events, and investing in venue development has positionedVictoria as the sporting capital of the world.2 Australian Australian Grand Grand Prix Corporation Prix Corporation Annual Report Annual 2013 Report 22013
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Page 5: The inaugural Grand Prix Breakfast
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Australian Grand Prix Corporation A
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5. Insurance attestationI, Andrew W
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The Australian Grand Prix Corporati
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2013 AnnuAl RepoRt - Australian Grand Prix

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