EXHIBITION PARK CORPORATION
Purpose
The Corporation was established under the Exhibition Park Corporation Act 1976.  The major goals of the Corporation are to manage, develop and maintain a multi-purpose exhibition and event centre of national standard to meet the requirements of the Corporation’s major clients and the community of the ACT and the surrounding region.
The Corporation aims to promote the use of the Exhibition Park in Canberra (EPIC) complex and increase public awareness of the facilities and services available with a view to optimising revenue and continuously improving operational efficiency.
Additionally, the Corporation endeavours to ensure:
•	operational self-sufficiency through increasing revenue from events and other activities and expanding the client base;
•	that the highest standard of service is provided to all clients and patrons while minimising costs; and
•	that all buildings and grounds are maintained to a standard commensurate with a high profile facility located in the National Capital.
2011-12 Priorities
Strategic and operational issues to be pursued in 2011‑12 include:
•	implementing the Corporation’s rejuvenation program for the site, which includes refurbishing of facilities, and identifying and implementing investment and commercial opportunities at EPIC;
•	progressing development of low budget tourist accommodation at EPIC for patrons of EPIC’s events, school groups and the touring public;
•	increasing occupancy at EPIC’s camping/caravan site through a targeted marketing strategy;
•	ensuring the venue continues to provide excellent customer service to clients, enabling the assurance of future business;
•	introducing the use of non-potable water in appropriate applications;
•	ensuring continuous improvement of environmentally sustainable measures;
•	attracting new major and high yield events; and 
•	providing a safe, clean, comfortable and secure environment.
Estimated Employment Level
2009‑10
Actual Outcome		2010-11
Budget
	2010-11
Est. Outcome	2011-12
Budget
	
10	Staffing (FTE)  	10	11	11	

Changes to Appropriation
Changes to Appropriation - Controlled						
 	2010-11	2011-12	2012-13	2013-14	2014-15	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2010-11 Budget	370	389	400	410	410	
						
2011-12 Budget Policy Adjustment						
Revised Wage Parameters	(2)	(2)	8 	9 	9 	
						
2011-12 Budget Technical Adjustment						
Revised Indexation Parameters - CSO Payments	- 	- 	- 	- 	11 	
						
2011-12 Budget	368	387	408	419	430	
						
Changes to Appropriation - Controlled						
 	2010-11	2011-12	2012-13	2013-14	2014-15	
Capital Injections	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2010-11 Budget	3,060	513	526	539	539	
						
2011-12 Budget Policy Adjustments						
Toilet and Shower Block Upgrade	- 	500 	- 	- 	- 	
Refurbishment to Budawang Pavilion	- 	765 	- 	- 	- 	
Acquisition of Poultry Cages	- 	105 	- 	- 	- 	
						
2011-12 Budget Technical Adjustments						
Revised Indexation Parameters - Capital Upgrades Program	- 	- 	- 	- 	13 	
Rollover - Use of Non-Potable Water for Irrigation of the EPC Venue	(1,608)	1,608 	- 	- 	- 	
						
2011-12 Budget	1,452	3,491	526	539	552	

2011-12 Capital Works Program 
 	Estimated	Estimated	2011‑12	2012‑13	2013‑14	Physical 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2011‑12				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
Toilet and Shower Block Upgrade	500	-	500	- 	- 	Jun 2012	
Refurbishment to Budawang Pavilion	765	-	765	- 	- 	Jun 2012	
							
Total New Capital Works	1,265	-	1,265	-	-		
							
Capital Upgrades							
Infrastructure and Equipment	513	-	513				
							
Total Capital Upgrades	513	-	513				
							
Total New Works	1,778	-	1,778	-	-		
							
Works in Progress							
Use of Non-Potable Water for Irrigation of the EPC Venue	2,500	892	1,608	-	-	Jun 2012	
							
Total Works in Progress	2,500	892	1,608	-	-		
 							
 Total Capital Works Program	4,278	892	3,386	-	-		

 

Exhibition Park Corporation
Operating Statement
  2010-11			  2010-11	   2011-12		  2012-13	    2013-14	  2014-15		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
370		Government Payment for Outputs	368	387	5	408	419	430		
1,591		User Charges - Non ACT Government	1,986	2,013	1	2,184	2,346	2,326		
74		Interest	140	82	-41	68	58	48		
0		Other Revenue	175	0	-100	0	0	0		
2,035		Total Revenue	2,669	2,482	-7	2,660	2,823	2,804		
		Gains								
0		Total Gains	0	0	-	0	0	0		
2,035		Total Income	2,669	2,482	-7	2,660	2,823	2,804		
		Expenses								
826		Employee Expenses	863	873	1	899	926	954		
137		Superannuation Expenses	121	135	12	139	143	148		
1,727		Supplies and Services	1,793	1,688	-6	1,705	1,793	1,796		
630		Depreciation and Amortisation	619	695	12	716	718	731		
1		Borrowing Costs	1	1	-	1	1	1		
0		Other Expenses	490	0	-100	0	0	0		
3,321		Total Ordinary Expenses	3,887	3,392	-13	3,460	3,581	3,630		
-1,286		Operating Result	-1,218	-910	25	-800	-758	-826		
0		Inc/Dec in Asset Revaluation Reserve Surpluses	5,806	0	-100	0	0	0		
0		Total Other Comprehensive Income	5,806	0	-100	0	0	0		
-1,286		Total Comprehensive Income	4,588	-910	-120	-800	-758	-826		

Exhibition Park Corporation
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/11			as at 30/6/11	as at 30/6/12	   Var	as at 30/6/13	as at 30/6/14	as at 30/6/15		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
1,543		Cash and Cash Equivalents	1,907	1,562	-18	1,356	1,186	961		
61		Receivables	75	73	-3	71	69	67		
39		Other	49	49	-	49	49	49		
1,643		Total Current Assets	2,031	1,684	-17	1,476	1,304	1,077		
		Non Current Assets								
27,157		Property, Plant and Equipment	30,036	34,411	15	34,333	34,254	34,175		
2,500		Investment Property	2,500	2,500	-	2,500	2,500	2,500		
0		Capital Works in Progress	1,479	0	-100	0	0	0		
29,657		Total Non Current Assets	34,015	36,911	9	36,833	36,754	36,675		
31,300		TOTAL ASSETS	36,046	38,595	7	38,309	38,058	37,752		
		Current Liabilities								
127		Payables	164	164	-	164	164	164		
0		Interest Bearing Liabilities	20	20	-	20	20	0		
12		Finance Leases	12	12	-	12	12	2		
296		Employee Benefits	320	320	-	320	320	320		
56		Other	76	76	-	76	76	76		
491		Total Current Liabilities	592	592	-	592	592	562		
		Non Current Liabilities								
0		Interest Bearing Liabilities	60	40	-33	20	0	0		
10		Finance Leases	10	0	-100	10	0	0		
12		Employee Benefits	10	10	-	10	10	10		
9		Other	9	7	-22	5	3	1		
31		Total Non Current Liabilities	89	57	-36	45	13	11		
522		TOTAL LIABILITIES	681	649	-5	637	605	573		
30,778		NET ASSETS	35,365	37,946	7	37,672	37,453	37,179		
		REPRESENTED BY FUNDS EMPLOYED								
21,682		Accumulated Funds	20,463	23,044	13	22,770	22,551	22,277		
9,096		Reserves	14,902	14,902	-	14,902	14,902	14,902		
30,778		TOTAL FUNDS EMPLOYED	35,365	37,946	7	37,672	37,453	37,179		

Exhibition Park Corporation
Cash Flow Statement
  2010-11			  2010-11	   2011-12		  2012-13	    2013-14	  2014-15		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
370		Cash from Government - CSO Payments	368	387	5	408	419	430		
1,591		User Charges	1,986	2,013	1	2,184	2,346	2,326		
74		Interest Received	140	82	-41	68	58	48		
400		Other Revenue	575	400	-30	400	400	400		
2,435		Operating Receipts	3,069	2,882	-6	3,060	3,223	3,204		
		Payments								
826		Related to Employees	863	873	1	899	926	954		
137		Related to Superannuation	121	135	12	139	143	148		
1,727		Related to Supplies and Services	1,793	1,688	-6	1,705	1,793	1,796		
1		Borrowing Costs	1	1	-	1	1	1		
400		Other	890	400	-55	400	400	400		
3,091		Operating Payments	3,668	3,097	-16	3,144	3,263	3,299		
-656		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	-599	-215	64	-84	-40	-95		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Receipts								
18		Proceeds from Sale of Property, Plant & Equipment	18	0	-100	18	0	0		
18		Investing Receipts	18	0	-100	18	0	0		
		Payments								
3,060		Purchase of Property, Plant and Equipment and Capital Works	1,652	3,591	117	626	639	652		
3,060		Investing Payments	1,652	3,591	117	626	639	652		
-3,042		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	-1,634	-3,591	-120	-608	-639	-652		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
3,060		Capital Injection from Government	1,452	3,491	140	526	539	552		
180		Borrowings Received	100	0	-100	0	0	0		
3,240		Financing Receipts	1,552	3,491	125	526	539	552		
		Payments								
0		Repayment of Advance	20	20	-	20	20	20		
180		Repayment of Borrowings	0	0	-	0	0	0		
30		Repayment of Finance Lease	30	10	-67	20	10	10		
210		Financing Payments	50	30	-40	40	30	30		
3,030		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	1,502	3,461	130	486	509	522		
-668		NET INCREASE/ (DECREASE) IN CASH HELD	-731	-345	53	-206	-170	-225		
2,211		CASH AT BEGINNING OF REPORTING PERIOD	2,638	1,907	-28	1,562	1,356	1,186		
1,543		CASH AT THE END OF THE REPORTING PERIOD	1,907	1,562	-18	1,356	1,186	961		
Exhibition Park Corporation
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/11			as at 30/6/11	as at 30/6/12	   Var	as at 30/6/13	as at 30/6/14	as at 30/6/15		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
19,908		Opening Accumulated Funds	20,229	20,463	1	23,044	22,770	22,551		
9,096		Opening Asset Revaluation Reserve	9,096	14,902	64	14,902	14,902	14,902		
29,004		Balance at the Start of the Reporting Period	29,325	35,365	21	37,946	37,672	37,453		
		Comprehensive Income								
-1,286		Operating Result for the Period	-1,218	-910	25	-800	-758	-826		
0		Increase/(Decrease) in Asset Revaluation Reserve Surpluses	5,806	0	-100	0	0	0		
-1,286		Total Comprehensive Income	4,588	-910	-120	-800	-758	-826		
0		Total Movement In Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
3,060		Capital Injections	1,452	3,491	140	526	539	552		
3,060		Total Transactions Involving Owners Affecting Accumulated Funds	1,452	3,491	140	526	539	552		
		Closing Equity								
21,682		Closing Accumulated Funds	20,463	23,044	13	22,770	22,551	22,277		
9,096		Closing Asset Revaluation Reserve	14,902	14,902	-	14,902	14,902	14,902		
30,778		Balance at the End of the Reporting Period	35,365	37,946	7	37,672	37,453	37,179		

Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges - non ACT Government:  the increase of $0.395 million in the 2010‑11 estimated outcome from the original budget relates to improved trading across various revenue sectors including catering commission and camping revenue. 
•	
interest revenue: 
–	the increase of $0.066 million in the 2010‑11 estimated outcome from the original budget is due to higher interest rates and higher average levels of funds on deposit due to a larger than expected cash balance at the end of the 2009‑10 financial year; and
–	the decrease of $0.058 million in the 2011‑12 Budget from the 2010‑11 estimated outcome relates to lower average cash holdings throughout the year.
•	other revenue:  the increase of $0.175 million in the 2010‑11 estimated outcome from the original budget is due to the one‑off reimbursement of demolition costs from the lessee of the service station site.
•	supplies and services:  the decrease of $0.105 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is predominantly due to lower water costs as a result of the implementation of the non-potable water project.  
•	depreciation and amortisation:  the increase of $0.076 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is due to the completion of capital works and the expected completion of the non-potable water project.
•	other expenses:  the increase of $0.490 million in the 2010‑11 estimated outcome from the original budget relates to the one-off costs incurred in the demolition and remediation works of the service station building.
•	asset revaluation reserve surplus:  the increase of $5.806 million in the 2010‑11 estimated outcome from the original budget relates to a revaluation of land that resulted in an increment to the land value.  The revaluation of property, plant and equipment is undertaken every three years by the Corporation.
Balance Sheet
•	cash and cash equivalents:
–	the increase of $0.364 million in the 2010‑11 estimated outcome from the original budget is due to a larger than expected cash balance due to 2009‑10 audited outcome flow-on effects; and
–	the decrease of $0.345 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is due to cash outflows from operating activities.
•	property, plant and equipment:  
–	the increase of $2.879 million in the 2010‑11 estimated outcome from the original budget is due to a revaluation of land undertaken ($5.806 million) during the year, partially offset by the rollover of the non-potable water project to the 2011‑12 financial year ($1.608 million) and the delayed transfer of capital works in progress ($1.479 million); and
–	the increase of $4.375 million in the 2011‑12 Budget from the 2010‑11 estimated outcome reflects the completion of the non-potable water project, as well as other planned capital upgrade works.  
•	capital works in progress:  the decrease of $1.479 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is largely due to the anticipated completion of the non‑potable water project during the 2011‑12 financial year and subsequent transfer to property, plant and equipment.
Cash Flow Statement
•	capital injection from government:
–	the decrease of $1.608 million in the 2010‑11 estimated outcome from the original budget is due to the rollover of funds for the non‑potable water project into 2011‑12; and
–	the increase of $2.039 million in the 2011‑12 Budget from the 2010‑11 estimated outcome relates to the rollover of funds from the previous year and additional funding for new capital works.
Statement of Changes in Equity
Variances in the statement are explained in the notes above.