ACTTAB LIMITED
Objectives
ACTTAB Limited aims to maintain and grow its share of the national gaming and wagering market through the responsible provision of a competitive suite of products, delivered to customers utilising contemporary technology and communication media.
2010‑11 Priorities
Strategic and operational issues to be pursued in 2010‑11 include:
•	implementing a new integrated betting system and sales terminals;
•	securing pari‑mutuel pooling capacity beyond the 2012 expiration of the current wagering agreement;
•	providing innovative technology to facilitate access to ACTTAB’s broader product range and services;
•	building on synergies with potential partners to expand ACTTAB’s product range and market share;
•	strengthening alliances to enhance the efficiency and cost effectiveness of the Corporation’s retail network;
•	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
•	enhancing ACTTAB’s position as a responsible corporate citizen and contributor to community activities through sponsorship and partnership arrangements.
Estimated Employment Level
2008‑09
Actual Outcome		2009-10
Budget
	2009-10
Est. Outcome	2010-11
Budget
	
68	Staffing (FTE) 	69	72	72	

ACTTAB
Operating Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
33,544		User Charges - Non ACT Government	31,178	32,644	5	33,460	34,297	35,154		
563		Interest	292	229	-22	235	241	247		
123		Other Revenue	247	209	-15	214	220	225		
34,230		Total Revenue	31,717	33,082	4	33,909	34,758	35,626		
		Gains								
0		Total Gains	0	0	-	0	0	0		
34,230		Total Income	31,717	33,082	4	33,909	34,758	35,626		
		Expenses								
6,842		Employee Expenses	6,586	7,028	7	7,204	7,386	7,569		
627		Superannuation Expenses	330	353	7	362	371	380		
10,497		Supplies and Services	10,482	10,973	5	11,244	11,526	11,815		
1,415		Depreciation and Amortisation	1,373	1,600	17	1,845	1,903	1,963		
0		Borrowing Costs	5	5	-	5	5	5		
14,651		Other Expenses	14,110	6,764	-52	6,934	7,108	7,285		
34,032		Total Ordinary Expenses	32,886	26,723	-19	27,594	28,299	29,017		
198		Operating Result From Ordinary Activities	-1,169	6,359	644	6,315	6,459	6,609		
59		Income Tax Equivalent	0	1,908	#	1,894	1,938	1,983		
139		Operating Result	-1,169	4,451	481	4,421	4,521	4,626		
0		Increase/(Decrease) in Asset Revaluation Reserve Surpluses	1	-1	-200	0	0	0		
0		Total Other Comprehensive Income	1	-1	-200	0	0	0		
139		Total Comprehensive Income	-1,168	4,450	481	4,421	4,521	4,626		

ACTTAB
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
6,204		Cash and Cash Equivalents	6,452	8,163	27	10,241	12,697	15,240		
854		Receivables	515	528	3	528	541	541		
107		Inventories	123	126	2	126	129	129		
87		Other	142	146	3	146	149	149		
7,252		Total Current Assets	7,232	8,963	24	11,041	13,516	16,059		
		Non Current Assets								
13,854		Property, Plant and Equipment	12,892	14,216	10	13,767	13,215	12,626		
2,323		Intangibles	745	2,289	207	1,613	916	196		
623		Tax Assets	1,294	1,294	-	1,294	1,294	1,294		
16,800		Total Non Current Assets	14,931	17,799	19	16,674	15,425	14,116		
24,052		TOTAL ASSETS	22,163	26,762	21	27,715	28,941	30,175		
		Current Liabilities								
3,336		Payables	2,799	2,921	4	2,792	2,785	2,784		
440		Employee Benefits	864	886	3	886	907	907		
69		Other Provisions	0	3,339	#	3,315	3,391	3,470		
3,845		Total Current Liabilities	3,663	7,146	95	6,993	7,083	7,161		
		Non Current Liabilities								
450		Employee Benefits	210	215	2	215	221	221		
450		Total Non Current Liabilities	210	215	2	215	221	221		
4,295		TOTAL LIABILITIES	3,873	7,361	90	7,208	7,304	7,382		
19,757		NET ASSETS	18,290	19,401	6	20,507	21,637	22,793		
		REPRESENTED BY FUNDS EMPLOYED								
18,236		Accumulated Funds	16,769	17,881	7	18,987	20,117	21,273		
1,521		Reserves	1,521	1,520	..	1,520	1,520	1,520		
19,757		TOTAL FUNDS EMPLOYED	18,290	19,401	6	20,507	21,637	22,793		

ACTTAB
Cash Flow Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
33,544		User Charges	31,178	32,644	5	33,460	34,297	35,154		
563		Interest Received	292	229	-22	235	241	247		
123		Other Revenue	247	209	-15	214	220	225		
34,230		Operating Receipts	31,717	33,082	4	33,909	34,758	35,626		
		Payments								
6,480		Related to Employees	6,585	7,029	7	7,205	7,385	7,569		
627		Related to Superannuation	330	353	7	362	371	380		
10,859		Related to Supplies and Services	10,490	10,850	3	11,377	11,531	11,821		
14,710		Other	14,111	8,672	-39	8,828	9,046	9,268		
32,676		Operating Payments	31,516	26,904	-15	27,772	28,333	29,038		
1,554		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	201	6,178	#	6,137	6,425	6,588		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
2,997		Purchase of Property, Plant and Equipment and Capital Works	1,602	2,247	40	720	654	654		
2,220		Purchase of Land and Intangibles	0	2,220	#	0	0	0		
5,217		Investing Payments	1,602	4,467	179	720	654	654		
-5,217		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	-1,602	-4,467	-179	-720	-654	-654		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
69		Dividends to Government	128	0	-100	3,339	3,315	3,391		
69		Financing Payments	128	0	-100	3,339	3,315	3,391		
-69		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	-128	0	100	-3,339	-3,315	-3,391		
-3,732		NET INCREASE/ (DECREASE) IN CASH HELD	-1,529	1,711	212	2,078	2,456	2,543		
9,936		CASH AT BEGINNING OF REPORTING PERIOD	7,981	6,452	-19	8,163	10,241	12,697		
6,204		CASH AT THE END OF THE REPORTING PERIOD	6,452	8,163	27	10,241	12,697	15,240		

ACTTAB
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
18,166		Opening Accumulated Funds	17,938	16,769	-7	17,881	18,987	20,117		
1,521		Opening Asset Revaluation Reserve	1,520	1,521	..	1,520	1,520	1,520		
19,687		Balance at the Start of the Reporting Period	19,458	18,290	-6	19,401	20,507	21,637		
		Comprehensive Income								
139		Operating Result for the Period	-1,169	4,451	481	4,421	4,521	4,626		
0		Increase/(Decrease) in Asset Revaluation Reserve Surpluses	1	-1	-200	0	0	0		
139		Total Comprehensive Income	-1,168	4,450	481	4,421	4,521	4,626		
0		Total Movement in Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
-69		Dividend Approved	0	-3,339	#	-3,315	-3,391	-3,470		
-69		Total Transactions Involving Owners Affecting Accumulated Funds	0	-3,339	#	-3,315	-3,391	-3,470		
		Closing Equity								
18,236		Closing Accumulated Funds	16,769	17,881	7	18,987	20,117	21,273		
1,521		Closing Asset Revaluation Reserve	1,521	1,520	..	1,520	1,520	1,520		
19,757		Balance at the End of the Reporting Period	18,290	19,401	6	20,507	21,637	22,793		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges — non ACT Government:
–	the decrease of $2.366 million in the 2009-10 estimated outcome from the original budget is mainly due to the loss of one of ACTTAB’s major customers; and
–	the increase of $1.466 million in 2010‑11 Budget from the 2009‑10 estimated outcome is due to forecast increases in activity across all products.
•	interest:
–	the decrease of $0.271 million in the 2009‑10 estimated outcome from the original budget was due to an overestimate of interest in the 2009‑10 Budget; and
–	the decrease of $0.063 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to lower average levels of funds on deposit as these are drawn down for capital works.
•	other revenue:  the increase of $0.124 million in the 2009‑10 estimated outcome from the original budget is due to additional receipts from changes to the agency/branch mix within the retail network.
•	employee expenses:
–	the decrease of $0.256 million in the 2009‑10 estimated outcome from the original budget is mainly due to changes in staffing arrangements as a result of operational efficiencies being achieved; and
–	the increase of $0.442 million in 2010‑11 Budget from the 2009‑10 estimated outcome is mainly due to Enterprise Bargaining Agreement increases.
•	superannuation expenses:  the decrease of $0.297 million in the 2009‑10 estimated outcome from the original budget is due to an overstatement of the original budget. 
•	supplies and services:  the increase of $0.491 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is largely due to additional licensing and maintenance agreements as part of the new betting system.
•	depreciation and amortisation:  the increase of $0.227 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to the purchase and implementation of the new betting system.
•	other expenses:
–	the decrease of $0.541 million in the 2009‑10 estimated outcome from the original budget reflects a decreased payment to the Racing Development Fund flowing from reduced race betting turnover; and
–	the decrease of $7.346 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to the implementation of revised funding arrangements for the racing industry from 1 July 2010 and the cessation of ACTTAB’s payments to the Racing Development Fund.
•	income tax equivalent:  the increase of $1.908 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to increased profitability.
Balance Sheet
•	cash and cash equivalents: 
–	the increase of $0.248 million in the 2009‑10 estimated outcome from the original budget is due to delays in implementing the new betting system originally planned for 2009‑10; and
–	the increase of $1.711 million in 2010‑11 Budget from the 2009‑10 estimated outcome is largely due to increased profits available for investment.
•	property, plant and equipment:
–	the decrease of $0.962 million in the 2009‑10 estimated outcome from the original budget is due to delays in implementing the new betting system; and
–	the increase of $1.324 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to the completion of the project.
•	intangibles:
–		the decrease of $1.578 million in the 2009‑10 estimated outcome from the original budget is due to delays in purchasing software for the new betting system originally planned for 2009‑10; and
–	the increase of $1.544 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the completed purchase of the software.
•	tax assets:  the increase of $0.671 million in the 2009‑10 estimated outcome from the original budget is due to deferred tax assets arising from the capital refurbishment program.
•	other provisions:  the increase of $3.339 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to a dividend which will be payable to the ACT Government.  No dividend was payable in 2009-10.  
Cash Flow Statement
Variances in the statement are explained in the notes above.