EXHIBITION PARK IN CANBERRA
Objectives
The main undertakings of Exhibition Park In Canberra (EPIC) are to manage, develop and maintain a multi-purpose events centre of a national standard to meet the requirements of EPIC’s major clients, the community of Canberra and the surrounding region.
EPIC actively promotes the size, infrastructure and versatility of the venue to a range of market segments including trade shows, exhibitions, meetings, festivals, sporting/recreational events and retail sales.  
Major events held at EPIC continue to provide a significant boost to the ACT economy.  These include the National Folk Festival, the Summernats Street Machine Car Festival, the Ski Industries Association National Snow Sports Trade Show, the Spring Home and Leisure Expo and the Summer Outdoor Trade Association’s National Show.
2005-06 Highlights
Strategic and operational issues to be pursued in 2005‑06 include:
•	maintaining high standards to all users through an ongoing review and implementation of the maintenance and improvement program for all areas of the facility and by providing quality customer service;
•	completing and implementing the EPIC Master Plan, covering 2005‑2025;
•	continuing to develop and expand EPIC’s commercial revenue;
•	continuing with the establishment of an efficient grey water network for irrigation of the grounds; and
•	continuing to improve the catering operations to achieve higher margins and service standards.

2005-06 Capital Works Program
Departmental
							
 	Estimated	Estimated	2005-06	2006-07	2007-08	Expected 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2005-06				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
 	 	 	 	 	 	 	
Capital Upgrades							
Buildings, Roads, Grounds and Carparks	450 	-	450	-	-		
							
Total Capital Upgrades	450	-	450	-	-	 	
							
Total New Departmental Capital Works	450 	-	450	-	-	 	

Exhibition Park in Canberra	
Operating Statement	
  2004-05			  2004-05	   2005-06		  2006-07	  2007-08	  2008-09		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
2  439		User Charges - Non ACT Government	2  865	2  094	-27	2  112	2  088	1  915		
304		User Charges - ACT Government	307	313	2	321	328	335		
84		Interest	108	120	11	120	120	108		
2  827		Total Revenue	3  280	2  527	-23	2  553	2  536	2  358		
		Gains								
0		Total Gains	0	0	-	0	0	0		
2  827		Total Income	3  280	2  527	-23	2  553	2  536	2  358		
		Expenses								
961		Employee Expenses	955	862	-10	899	933	967		
141		Superannuation Expenses	122	118	-3	124	128	132		
1  427		Supplies and Services	1  620	1  315	-19	1  339	1  371	1  390		
504		Depreciation and Amortisation	501	511	2	511	504	505		
3  033		Total Ordinary Expenses	3  198	2  806	-12	2  873	2  936	2  994		
-206		Operating Result	82	-279	-440	-320	-400	-636		

Exhibition Park in Canberra	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/05			as at 30/6/05	as at 30/6/06	   Var	as at 30/6/07	as at 30/6/08	as at 30/6/09		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
116		Cash	132	113	-14	154	108	127		
67		Receivables	95	93	-2	91	89	87		
1  600		Investments	2  000	2  100	5	2  100	2  100	1  800		
24		Inventories	17	17	-	17	17	17		
12		Other	4	4	-	4	4	4		
1  819		Total Current Assets	2  248	2  327	4	2  366	2  318	2  035		
		Non Current Assets								
21  083		Property, Plant and Equipment	20  611	20  200	-2	21  374	21  470	21  565		
0		Capital Works in Progress	585	1  085	85	0	0	0		
21  083		Total Non Current Assets	21  196	21  285	..	21  374	21  470	21  565		
22  902		TOTAL ASSETS	23  444	23  612	1	23  740	23  788	23  600		
		Current Liabilities								
156		Payables	210	210	-	210	210	210		
136		Employee Benefits	139	138	-1	138	138	138		
46		Other	99	99	-	99	99	99		
338		Total Current Liabilities	448	447	..	447	447	447		
		Non Current Liabilities								
48		Employee Benefits	60	61	2	61	61	61		
19		Other	20	17	-15	15	13	11		
67		Total Non Current Liabilities	80	78	-3	76	74	72		
405		TOTAL LIABILITIES	528	525	-1	523	521	519		
22  497		NET ASSETS	22  916	23  087	1	23  217	23  267	23  081		
		REPRESENTED BY FUNDS EMPLOYED								
15  341		Accumulated Funds	15  760	15  931	1	16  061	16  111	15  925		
7  156		Reserves	7  156	7  156	-	7  156	7  156	7  156		
22  497		TOTAL FUNDS EMPLOYED	22  916	23  087	1	23  217	23  267	23  081		

Exhibition Park in Canberra	
Cash Flow Statement	
  2004-05			  2004-05	   2005-06		  2006-07	  2007-08	  2008-09		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
2  743		User Charges	3  172	2  407	-24	2  433	2  416	2  250		
84		Interest Received	108	120	11	120	120	108		
336		Other Revenue	470	400	-15	400	400	400		
3  163		Operating Receipts	3  750	2  927	-22	2  953	2  936	2  758		
		Payments								
1  102		Related to Employees	1  077	981	-9	1  023	1  061	1  099		
1  427		Related to Supplies and Services	1  620	1  315	-19	1  339	1  371	1  390		
336		Other	470	400	-15	400	400	400		
2  865		Operating Payments	3  167	2  696	-15	2  762	2  832	2  889		
298		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	583	231	-60	191	104	-131		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
845		Purchase of Property, Plant and Equipment	985	600	-39	600	600	600		
845		Investing Payments	985	600	-39	600	600	600		
-845		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-985	-600	39	-600	-600	-600		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
695		Capital Injection from Government	695	450	-35	450	450	450		
120		Borrowings Received	180	180	-	180	180	180		
815		Financing Receipts	875	630	-28	630	630	630		
		Payments								
120		Repayment of Borrowings	180	180	-	180	180	180		
120		Financing Payments	180	180	-	180	180	180		
695		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	695	450	-35	450	450	450		
148		NET INCREASE/(DECREASE) IN CASH HELD	293	81	-72	41	-46	-281		
1  568		CASH AT BEGINNING OF REPORTING PERIOD	1  839	2  132	16	2  213	2  254	2  208		
1  716		CASH AT THE END OF THE REPORTING PERIOD	2  132	2  213	4	2  254	2  208	1  927		

Exhibition Park in Canberra	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/05			as at 30/6/05	as at 30/6/06	   Var	as at 30/6/07	as at 30/6/08	as at 30/6/09		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
22  008		Opening Balance	22  139	22  916	4	23  087	23  217	23  267		
		Accumulated Funds								
-206		Operating Result for the Period	82	-279	-440	-320	-400	-636		
		Reserves								
-206		Total Income And Expense For The Period	82	-279	-440	-320	-400	-636		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
695		Capital Injections	695	450	-35	450	450	450		
22  497		Closing Balance	22  916	23  087	1	23  217	23  267	23  081		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges – non ACT Government:  the increase of $0.426m in the 2004‑05 estimated outcome from the original budget relates to increases in event activity and the associated catering sales.  The decrease of $0.771m in the 2005‑06 Budget from the 2004‑05 estimated outcome relates to the absence of the one-off events and associated catering sales that occurred in 2004‑05;
•	employee expenses:  the decrease of $0.093m in the 2005‑06 Budget from the 2004‑05 estimated outcome relates to a decrease in the use of casual staff; and
•	supplies and services:  the increase of $0.193m in the 2004‑05 estimated outcome from the original budget relates to one‑off events in 2004‑05 not anticipated in 2004‑05 Budget.  The decrease of $0.305m in the 2005‑06 Budget from the 2004‑05 estimated outcome is due to a decrease in the variable costs associated with the fewer number of major events budgeted for in 2005‑06.
Balance Sheet
•	cash and investments:  the increase of $0.416m in the 2004‑05 estimated outcome from the original budget relates to higher than expected cash balances carried over as at 30 June 2004 and the increase in operating activity during 2004‑05; and
•	capital works in progress:  the increase of $0.585m in the 2004‑05 estimated outcome from the original budget is due to some 2004‑05 capital works projects being delayed.  The increase of $0.500m in the 2005‑06 Budget from the 2004‑05 estimated outcome is largely due to expenditure on capital upgrades.