2013 AnnuAl RepoRt - Australian Grand Prix

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2013Corporation’s response. The financial effect (if any) cannot be quantified and the timing ofthe outcome of the audit cannot be specified due to the audit process still being inprogress.20. Reconciliation of net result for the periodto net cash flows from operating activitiesNet Result for the Period 1,036 (3,523)Non-cash movements:Capital works transferred to Parks Victoria 429 3,422(Gain)/loss on sale of non-current assets (184) 268Depreciation and amortisation of non-current assets 2,674 2,513Movements in assets and liabilities:Decrease/(Increase) in receivables 918 (360)(Decrease)/Increase in payables (572) (1,467)(Decrease)/Increase in provisions 87 178(Decrease)/Increase in deferred income (1,208) 1,497(Decrease)/Increase in derivatives 164 (1,457)Net cash flows from/(used in) operating activities 3,344 1,07121. Responsible-Person Related Disclosures(a) Responsible PersonsPersons who hold the position of Responsible Persons in relation to the Corporation during theyear are:Responsible Minister- The Honourable Louise Asher, MP, Minister for Tourism and Major Events,1 July 2012 to 30 June 2013Accountable Officer - Mr Andrew Westacott 1 July 2012 to 30 June 2013Members of the Board - Mr Ronald Walker AC CBE 1 July 2012 to 30 June 2013- Ms Laura Anderson 1 July 2012 to 30 June 2013- Mr William Bowness 1 July 2012 to 30 June 2013- Mr Patrick Flannigan 1 July 2012 to 30 June 2013- Ms Gillian Franklin 1 July 2012 to 30 June 2013- Mr John Harnden AM 1 July 2012 to 30 June 2013- Mr Alan Oxley 1 July 2012 to 30 June 2013- Mr Ken Ryan AM 1 July 2012 to 30 June 2013- Mr James Strong AO 1 July 2012 to 27 November 2012(b) Remuneration of Responsible PersonsMembers of the Board act in an honorary capacity.The remuneration of the Accountable Officer, including superannuation contributions, inconnection with the management of the Corporation during the reporting period was in therange $430,000 - $439,999 (2012: $400,000 - $409,999).The remuneration of the Responsible Minister is reported in the financial report of theDepartment of Premier and Cabinet.6060Australian Grand Prix Corporation Annual Report 2013