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Objectives

ACTTAB Limited's mission is to be a provider of responsive, customer focused wagering and gaming services, offering state of the art products and providing sustainable returns to shareholders on their investment in the business.

ACTTAB operates in a market where direct and iirect competition for its revenue base is strong. The Australian wagering market will become increasingly competitive as a result of the changes in ownership and structure of the large NSW, Victorian and Queensland TABs. These changes to the industry could threaten ACTTAB's access to free interstate racing products, which is a major source of revenue. Many market participants have the advantage of a private sector capital base and a profit maximising focus.

ACTTAB intends to meet the challenge of increased competition, in the ACT wagering market, by continuing to develop and maintain a network of readily accessible ACTTAB outlets providing a high level of presentation and customer service, and by improving the accessibility and delivery of ACTTAB telephone and home based betting facilities.

ACTTAB also endeavours to convey the need for responsible betting to existing and potential customers, develop and market the entertainment and value of ACTTAB products to existing and potential customers, investigate mutually beneficial business relationships, and utilise the latest technology to deliver fast, reliable, secure and user friendly services.

1999-2000 Highlights

Strategic and operational issues to be pursued in 1999-2000 include:

• acquiring a new betting system able to carry out a broad range of wagering and gaming activities, capable of simultaneously linking to a number of different pools and betting products, with a high level of security, efficiency and integrity;
• pursuing growth in profitable business areas, where possible, including pursuing market share presented by pay TV and internet betting;
• investigating new products and services;
• increasing the number of "combined meetings" providing greater pool depth on more meetings;
• providing additional Keno game options and improved displays for players; and
• enhancing the head office networks and management information systems.

ACTTAB Limited
Operating Statement

ACTTAB Limited
Statement Of Financial Position

ACTTAB Limited
Cashflow Statement

Notes to the Budget Statements

Operating Statement

Significant variations are as follows:

• user charges non-ACT Government: the increase of $0.623m in 1999-2000 reflects marginal growth in gambling revenue related to the indexation of sales;
• administrative expenses: the increase of $0.506m in 1999-2000 is consistent with the growth in gambling revenue;
• other expenses: this largely represents the licence fee paid to the Government and payments made to the ACT Racing Development Fund. The licence fee will decrease by $0.551m in 1999-2000 due to a change in the methodology used to calculate the licence fee under the Keno Licencing Agreement, from a flat fee per year to a turnover based tax. This is partly offset by an increase of $0.480m in the payments to ACT racing clubs due to the expected higher wagering turnover; and
• abnormal expense: the amount of $0.050m in 1998-99 represents final legal and professional fees incurred for the Inquiry into matters relating to contractual arrangements between ACTTAB and VITAB.

Statement of Financial Position

Significant variations are as follows:

• intangibles: the increase of $0.343m in 1998-99 from original budget represents the capitalised product establishment cost related to Keno.

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