NZRB ANNUAL REPORT to 31 July 2009

[Laurie Sutherland 0]

RECORD LATENESS and RECORD LOSS

Lateness

I've been looking every few days ar http://www.nztab.co.nz for the Board's Annual Report.

It first appeared on or about 10th March 2010 - surely a record for lateness!

I notice the Report was signed off by the Auditor on 22 September 2009, so it seems either the Report was put aside and forgotten over the intervening several months - or someone ordered that it be sat on.

Whatever the reason it is reprehensible, in my view.

And especially when, in the section on Governance on pages 8-9, is a list of Board Responsibilities which include "fostering an organisational culture that requires Board Members, management and every staff member to adhere to high standards of ethics and corporate behaviour."

NZRB Values

Page 5 is headed Vision and Values.

Under a sub-heading Our Values are listed 6 items which include "Integrity - have transparency of purpose, fulfil our social responsibilities and do the right thing all the time".

I doubt many of us would think sitting on an important Annual Report for 5 months meets the requirements of 'doing the right thing all the time'.

Record Loss

The Chairman's two-page Report makes no mention of it, but the Statement of Financial Performance on page 15 shows the Racing Board recording a loss of $22.155 millions for its financial year.

This will surely be a record loss for this Board and its two predecessors.

The Board's budget was for a $3.955 million profit.

A Few Other Items of Possible Interest to Stakeholders

Net Betting Revenue down $2.8m

Interest Income down $2.8m (not surprisingly)

Other Income down $2.0m (due to less income from TV sales of NZ racing to overseas).

Total of Down items = $7.6m.

Operating Expenses up $4.1m

On-course Projects and Other Expenditure up $0.5m

Domestic Market Share and Variable Code Funding up $10.0m.

Total of Up items = $14.6m.

Combined:

Income Items Down......$ 7.6m

Expenditure Items Up ...$14.6m

Total makes for Loss of $22.2m.

Among the Operating Expenditures are:

* number of employees being paid $100,000 or more - a jump from 38 to 57

* Board Members Fees and Expenses rising sharply from $280k to $354K, a 21% increase.

PS. For 2007/08 the Board recorded a loss of $0.804 million.

[Theysay 0]

Sept to March is the holiday period! Stiassney is certainly making a difference! Now lets see what Mr Brown achieves. :tcheek:

[hedley 1,900]

Sept to March is the holiday period! Stiassney is certainly making a difference! Now lets see what Mr Brown achieves. :tcheek:

that 'blind spot' on the lunar calender

..Howzabout a leap year Boys!...where you go ahead in Leaps'n'Bounds avoiding agendas, and governing sovereignly...briefly that the world'll Let you finally:rolleyes:

..or is that too much like Hurdling'n'Steeplechasing . . .uhgh Ickey business Eigh

[Lol@your emoticons Theysay][reading only to th'Right of each:D]

[Todamax101 533]

Among the Operating Expenditures are:

* number of employees being paid $100,000 or more - a jump from 38 to 57

Can someone tell me - are we supposed to laugh or cry about this?

I can't even tell anymore....

The whole report just seems to describe one big epic fail after another.

[Theysay 0]

is still not enough to come up with a regurgitated 'report' labelled One Race...that exercise required another , what-$3-400,000!Money is no object ,wonder who got what! :\

[Laurie Sutherland 0]

Not only did the Auditors give their final OK on 22 September 2009 to the NZRB's Annual Report for the year ended 31 July 2009.

On page 21 'Statement of Financial Performance' are the words "The members of the New Zealand Racing Board authorise these financial statements for issue on 22 September 2009", followed by the signatures of M Stiassny, Chairman, and W Bell, Chairman of Audit and Finance Committee.

I'm sure we all realise that some time then needs to be allowed for printing.

But 5 and a half months?

Can we expect either gentleman will explain this extraordinarily long delay in making the Report available to racing's stakeholders who contribute the funds which allow the RB to continue in existence?

[John Clydesdale 229]

The RB has also depleted the reserves of $103 million to $43 million, or I should say $63 million as $20 million had been earmarked for IT Capital investment.

They sure are good operators and have got all the credibility in the world to lead us down the road with One Racing......yeah right.

[Curious 0]

Actually you should say $81 million, since that is the total reserves as at 31/07/09. Still down $22.2m ...

Curious

[Rockhead 0]

The RB has also depleted the reserves of $103 million to $43 million, or I should say $63 million as $20 million had been earmarked for IT Capital investment.

They sure are good operators and have got all the credibility in the world to lead us down the road with One Racing......yeah right.

be a bad thing. It depends the reason for the reduction. If it is used to offset losses then that is not good. But it would usually be good if the purpose was capital investment, for example.

[Rockhead 0]

The RB has also depleted the reserves of $103 million to $43 million, or I should say $63 million as $20 million had been earmarked for IT Capital investment.

They sure are good operators and have got all the credibility in the world to lead us down the road with One Racing......yeah right.

John, where did you get the figures of $43m/$63m from? I can't find anything mentioned in the annual report. Also, net equity for 2008 was $103m and $81m for 2009; net equity is the proper benchmark in accounting standards for reserves.

[wobbly 76]

Interesting post John

Paragraph 1 criticises the current structure

Paragraph 2 suggests you don't want change

Let's not forget thoroughbred, relegated to the boot of the current vehicle, instigated One Racing.

Perhaps they aren't all that happy with their lord and masters and wanted to wrestle back some control?

[John Clydesdale 229]

John, where did you get the figures of $43m/$63m from? I can't find anything mentioned in the annual report. Also, net equity for 2008 was $103m and $81m for 2009]

Hi Murray, I believe this was the figure supplied by MS when they were launching the One Racing plan.

Wobbly, I have a perpective on life that makes me want to review information and plans before instigation or implementation of any strategy. I have yet to see a vision for the future for all codes provided by the Chairman of the RB that provides an indication of where the industry will be in five or ten years, and also how RB will address sigificant issues such as betting leakage.

The thoroughbred body has major issues to address in governance terms, but even more critically, just how will they be financially able to operate when they continue the fragmentation protocol of non communication and secrecy!?

A little time needs to pass for some reports to be tabled and then further discussion will be in order I'm sure.

[John Clydesdale 229]

John, John, John....so predictable with your "can't do mentality".

The model you claim to crave has been presented but you couldn't decipher it.

There are none so blind as those who will not see John.

As for the non communication and secrecy, well I would suggest that as long as the hard core group of nutters like you, Laurie S, the banjo players et al.. exist then I'm all for non communication and secrecy because your collective group trades in the currency of disinformation and lies so why should our governing body be open and transparent with you? you have after all proved that you're irrational and untrustworthy!!

Move on John, racing sure as hell will and if you're disenchanted with your own performance and position within the industry go find another hobby.

The process of democracy allows for questions and answers.

If you believe your explanations on what and how things should happen are part of any democratic process, then you should go and live with Mugabe.

As any stakeholder has a right to ask any question and get a response, that is what I ask.

You just keep coming back to the personal attack as your means to answer any question. I thought there may have been more to you than that,

The nature of your responses clearly undermines what could be regarded, at times, as an intellect with a quirky and eclectic bent.

But I guess we all get it wrong at times.

[Theysay 0]

and luminaries must be extinct species,as far as NZ TB racing goes!One Race is an embarrassement .Secrecy,cronyism,and self serving contempt are hal lmarks of the present admin by ANY objective measure.

[Theysay 0]

the people with the 'solutions' are sidelined by the political machinations and payoffs, as you well know being a serial beneficiary,thanks to an NZTR CHAIRMAN who has usurped Acklin as the worst in TB history.Being 'a good sort who likes a beer' should be dispensed with as the primary qualification for office. :\

[Theysay 0]

who pay themselves so well for overseeing dysfunctional ,toothless,inefficient,adminisve bodies that control the purse strings now need to borrow someones watch,so that THEY can tell the time!

[Theysay 0]

A)....sack,remove the paid TB PERSONS RESPONSIBLE FOR ONE RACE...so called 'good intentions' are not enough...amateur plan with appalling presentation.