ACTTAB LIMITED
Purpose
ACTTAB Limited aims to achieve sustainable growth in turnover and market share across all products and distribution channels, positioning itself as the community’s first choice provider of wagering and sports betting services.
2011‑12 Priorities
Strategic and operational issues to be pursued in 2011‑12 include:
•	securing both pari‑mutuel and fixed odds agreements beyond the 2012 expiration of the current agreements;
•	providing innovative technology to facilitate sustainable growth in turnover and market share across all products and distribution channels;
•	building on relationships with industry partners to promote and market ACTTAB’s new products and enhanced delivery channels;
•	continuing to ensure that the harmful effects of gambling are minimised through the provision of appropriate staff training and customer education, and by maintaining the availability of appropriate counselling services and information; and
•	consolidating ACTTAB’s position as a prominent and responsible contributor to local community activities through sponsorship and partnership arrangements.

Estimated Employment Level
2009‑10
Actual Outcome		2010-11
Budget
	2010-11
Est. Outcome	2011-12
Budget
	
68	Staffing (FTE)	72	631	65	
Note:
1.	The main reason for the decrease in the 2010‑11 estimated outcome from the original budget is a suspension of recruitment to permanent positions and fluctuations of staffing within the casual staffing pool.

ACTTAB
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								
32,644		User Charges - Non ACT Government	29,658	30,947	4	32,030	33,152	34,312		
229		Interest	361	318	-12	327	336	345		
209		Other Revenue	196	173	-12	178	183	188		
33,082		Total Revenue	30,215	31,438	4	32,535	33,671	34,845		
		Gains								
0		Total Gains	0	0	-	0	0	0		
33,082		Total Income	30,215	31,438	4	32,535	33,671	34,845		
		Expenses								
7,028		Employee Expenses	6,669	7,129	7	7,325	7,527	7,734		
353		Superannuation Expenses	425	452	6	463	477	491		
10,973		Supplies and Services	10,574	11,427	8	11,743	12,065	12,394		
1,600		Depreciation and Amortisation	1,545	1,387	-10	1,318	1,252	1,190		
5		Borrowing Costs	6	7	17	7	7	8		
6,764		Other Expenses	6,600	6,579	..	6,759	6,946	7,136		
26,723		Total Ordinary Expenses	25,819	26,981	5	27,615	28,274	28,953		
6,359		Operating Result From Ordinary Activities	4,396	4,457	1	4,920	5,397	5,892		
1,908		Income Tax Equivalent	1,319	1,337	1	1,476	1,619	1,767		
4,451		Operating Result	3,077	3,120	1	3,444	3,778	4,125		
-1		Inc/Dec in Asset Revaluation Reserve Surpluses	0	0	-	0	0	0		
-1		Total Other Comprehensive Income	0	0	-	0	0	0		
4,450		Total Comprehensive Income	3,077	3,120	1	3,444	3,778	4,125		

ACTTAB
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								
8,163		Cash and Cash Equivalents	8,367	8,831	6	10,393	11,957	13,529		
528		Receivables	261	257	-2	256	261	258		
126		Inventories	105	97	-8	88	92	86		
0		Capital Work in Progress	1,321	0	-100	0	0	0		
146		Other	190	192	1	189	187	186		
8,963		Total Current Assets	10,244	9,377	-8	10,926	12,497	14,059		
		Non Current Assets								
14,216		Property, Plant and Equipment	12,621	12,906	2	12,664	12,491	12,386		
2,289		Intangibles	1,691	3,077	82	2,860	2,665	2,487		
1,294		Tax Assets	2,098	2,098	-	2,098	2,098	2,098		
17,799		Total Non Current Assets	16,410	18,081	10	17,622	17,254	16,971		
26,762		TOTAL ASSETS	26,654	27,458	3	28,548	29,751	31,030		
		Current Liabilities								
2,921		Payables	4,483	4,433	-1	4,413	4,393	4,374		
886		Employee Benefits	1,080	1,124	4	1,129	1,158	1,167		
3,339		Other Provisions	2,309	2,340	1	2,581	2,832	3,094		
7,146		Total Current Liabilities	7,872	7,897	..	8,123	8,383	8,635		
		Non Current Liabilities								
215		Employee Benefits	61	58	-5	59	57	56		
215		Total Non Current Liabilities	61	58	-5	59	57	56		
7,361		TOTAL LIABILITIES	7,933	7,955	..	8,182	8,440	8,691		
19,401		NET ASSETS	18,721	19,503	4	20,366	21,311	22,339		
		REPRESENTED BY FUNDS EMPLOYED								
17,881		Accumulated Funds	17,202	17,984	5	18,847	19,792	20,820		
1,520		Reserves	1,519	1,519	-	1,519	1,519	1,519		
19,401		TOTAL FUNDS EMPLOYED	18,721	19,503	4	20,366	21,311	22,339		

ACTTAB
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								
32,644		User Charges	29,659	30,947	4	32,030	33,150	34,312		
229		Interest Received	361	318	-12	327	336	345		
209		Other Revenue	196	172	-12	178	183	188		
33,082		Operating Receipts	30,216	31,437	4	32,535	33,669	34,845		
		Payments								
7,029		Related to Employees	6,669	7,129	7	7,326	7,527	7,733		
353		Related to Superannuation	425	452	6	463	477	491		
10,850		Related to Supplies and Services	10,450	11,424	9	11,744	12,064	12,396		
0		Borrowing Costs	6	7	17	7	7	8		
8,672		Other	7,920	7,916	..	8,236	8,564	8,904		
26,904		Operating Payments	25,470	26,928	6	27,776	28,639	29,532		
6,178		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	4,746	4,509	-5	4,759	5,030	5,313		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
2,247		Purchase of Property, Plant and Equipment and Capital Works	1,947	1,326	-32	745	766	787		
2,220		Purchase of Land and Intangibles	1,920	411	-79	114	117	120		
4,467		Investing Payments	3,867	1,737	-55	859	883	907		
-4,467		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	-3,867	-1,737	55	-859	-883	-907		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
0		Dividends to Government	0	2,308	#	2,338	2,583	2,834		
0		Financing Payments	0	2,308	#	2,338	2,583	2,834		
0		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	0	-2,308	#	-2,338	-2,583	-2,834		
1,711		NET INCREASE/ (DECREASE) IN CASH HELD	879	464	-47	1,562	1,564	1,572		
6,452		CASH AT BEGINNING OF REPORTING PERIOD	7,488	8,367	12	8,831	10,393	11,957		
8,163		CASH AT THE END OF THE REPORTING PERIOD	8,367	8,831	6	10,393	11,957	13,529		

ACTTAB
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								
16,769		Opening Accumulated Funds	16,434	17,202	5	17,984	18,847	19,792		
1,521		Opening Asset Revaluation Reserve	1,519	1,519	-	1,519	1,519	1,519		
18,290		Balance at the Start of the Reporting Period	17,953	18,721	4	19,503	20,366	21,311		
		Comprehensive Income								
4,451		Operating Result for the Period	3,077	3,120	1	3,444	3,778	4,125		
-1		Increase/(Decrease) in Asset Revaluation Reserve Surpluses	0	0	-	0	0	0		
4,450		Total Comprehensive Income	3,077	3,120	1	3,444	3,778	4,125		
0		Total Movement In Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
-3,339		Dividend Approved	-2,309	-2,338	-1	-2,581	-2,833	-3,097		
-3,339		Total Transactions Involving Owners Affecting Accumulated Funds	-2,309	-2,338	-1	-2,581	-2,833	-3,097		
		Closing Equity								
17,881		Closing Accumulated Funds	17,202	17,984	5	18,847	19,792	20,820		
1,520		Closing Asset Revaluation Reserve	1,519	1,519	-	1,519	1,519	1,519		
19,401		Balance at the End of the Reporting Period	18,721	19,503	4	20,366	21,311	22,339		

Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges — non ACT Government:
–	the decrease of $2.986 million in the 2010-11 estimated outcome from the original budget is due to a general decline in wagering turnover and an increase in abandoned race meetings due to significant weather events; and
–	the increase of $1.289 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to a forecast increase in wagering turnover as a result of the introduction of new wagering products.
•	interest:
–	the increase of $0.132 million in the 2010‑11 estimated outcome from the original budget is due to higher average levels of funds on deposit due to delays in capital works expenditure, largely on the new betting system; and
–	the decrease of $0.043 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is due to lower average levels of funds on deposit as these are drawn down for capital works.
•	employee expenses:
–	the decrease of $0.359 million in the 2010‑11 estimated outcome from the original budget is due to a suspension of recruitment to permanent positions together with fluctuations of staffing within the casual pool; and
–	the increase of $0.460 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is primarily due to the recruitment of staff to vacant positions and estimated salary increases associated with the Enterprise Bargaining Agreement.
•	supplies and services:
–	the decrease of $0.399 million in the 2010-11 estimated outcome from the original budget is primarily due to lower turnover-related costs as a result of lower than forecast wagering turnover; and
–	the increase of $0.853 million in the 2011-12 Budget from the 2010-11 estimated outcome is mainly due to turnover-related costs increasing in line with the expected increase in wagering turnover.
•	depreciation and amortisation:  the decrease of $0.158 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is due to delays in the completion of capital expenditure and the write-off of obsolete equipment.
•	other expenses:  the decrease of $0.164 million in the 2010‑11 estimated outcome from the original budget reflects a decrease in turnover‑related expenditure flowing from reduced race betting turnover.
•	income tax equivalent:  the decrease of $0.589 million in the 2011‑10 estimated outcome from the original budget is due to a lower than forecast operating profit.
Balance Sheet
•	cash and cash equivalents: 
–	the increase of $0.204 million in the 2010‑11 estimated outcome from the original budget is due to delays in expenditure on capital works; and
–	the increase of $0.464 million in 2011‑12 Budget from the 2010‑11 estimated outcome is largely due to increased profits available for investment.
•	capital works in progress:
–	the increase of $1.321 million in the 2010-11 estimated outcome is due to delays in the capital works program.
–	the decrease of $1.321 million in the 2011‑12 Budget from the estimated outcome is due to the expected delivery of the capital works program during 2011‑12.
•	property, plant and equipment:
–	the decrease of $1.595 million in the 2010‑11 estimated outcome from the original budget is due to delays in implementing the new betting system; and
–	the increase of $0.285 million in the 2011‑12 Budget from the 2010‑11 estimated outcome is due to the capitalisation of the betting system implementation.
•	intangibles:
–		the decrease of $0.598 million in the 2010‑11 estimated outcome from the original budget is due to delays in capitalising software for the new betting system; and
–	the increase of $1.386 million in the 2011‑12 Budget from the 2010‑11 estimated outcome reflects the capitalisation of software for the new betting system.
•	tax assets:  the increase of $0.804 million in the 2010‑11 estimated outcome from the original budget is mainly due to the creation of deferred tax assets arising from capital expenditure.
•	payables:  the increase of $1.562 million in the 2010-11 estimated outcome from the original budget is due to payables associated with capital works expenditure.
•	other provisions:  the decrease of $1.030 million in the 2010‑11 estimated outcome from the original budget is due to a reduction in the dividend payment to the ACT Government as a result of a lower than forecast operating profit.
Cash Flow Statement
Variances in the statement are explained in the notes above.