Vancouver 2010 Olympic and Paralympic Winter Games Financial Report

Author: VANOC
Published: 2008/12/20 - Updated: 2009/02/13
Contents: Summary - Introduction - Main - Related

Synopsis: 2010 Olympic and Paralympic Winter Games released its report for the first quarter of the fiscal year.

Introduction

The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) released its report for the first quarter of the fiscal year, which includes a management discussion and analysis, and interim financial statements for the period ending October 31, 2008.

Main Digest

The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) released its report for the first quarter of the fiscal year, which includes a management discussion and analysis, and interim financial statements for the period ending October 31, 2008.

The report also includes a look ahead to initiatives planned for 2009. VANOC's quarterly report is available at www.vancouver2010.com.

"In light of the world's current turbulent economic outlook, we are fortunate to remain in a sound financial position as 2008 comes to an end," said John McLaughlin, VANOC's chief financial officer. "We have secured the majority of the funding commitments we require and our venue construction is largely finished. Looking ahead we must continue to remain prudent financially, and this discipline will be reflected in our revised budget to be released in early 2009."

The report highlights operational expenditures predominantly in the areas of technology and sport. Deferred operating expenses exceeded deferred operating revenues by $65.2 million for the quarter. As is typical in the life cycle of an Olympic Games Organizing Committee, the balance of funds in the operating budget will shift between an excess and a deficiency throughout the projects lifespan. The fluctuation is attributed to the timing of the receipt of revenues and the payment of expenses, as it is dependent on specific contracts and does not follow a regular business cycle.

"Although operating expenditures exceed revenues for the quarter as we expected, VANOC remains on track to finish the Games with a balanced budget. The next quarter will show high revenues from payments from the International Olympic Committee (IOC), sponsors and ticket sales," continued McLaughlin.

The Organizing Committee's net deferred operating revenue from sponsorship and other sources for the quarter was $33.9 million. On a project-to-date basis, deferred operating revenues were $370.6 million and were comprised mostly of sponsorship revenues and contributions from the IOC. This represents approximately 23 percent of budgeted operating revenues for the project.

VANOC's net deferred operating expenses in the quarter were $99.1 million. Excluding the impact of net foreign exchange loss, deferred operating expenses were $78 million. On a project-to-date basis, deferred operating expenditures totaled $463.2 million, or about 28 percent of the project budget. In accordance with Canadian generally accepted accounting principles, all revenues and expenses are deferred prior to Games time.

VANOC's total venue construction expenditures for the quarter were $21 million. Project-to-date venue construction expenditures now total $515.5 million, which represents 88 percent of the venue construction budget. All venues are substantially complete, and as such, development activities in this quarter largely focused on the continuation of homologation works for the outdoor venues. Work is also progressing on the Whistler Athletes' Center, as well as on indoor competition venues, which will be substantially complete this calendar year.

The next financial report will be released in March 2009 and will include interim financial statements for the second quarter of fiscal 2009 ended January 31, 2009. The Organizing Committee also confirmed that an updated budget is being finalized and will be released on schedule in early 2009.

VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic Winter Games from March 12 to 21, 2010.

Contact
VANOC Communications

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Cite This Page (APA): VANOC. (2008, December 20). Vancouver 2010 Olympic and Paralympic Winter Games Financial Report. Disabled World. Retrieved May 25, 2024 from www.disabled-world.com/sports/paralympics/2010/paralympic-finance.php

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