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Oct262009

Good News-Bad News In 2010 Olympics Financial Report

October 26, 2009: The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games has released its year-end fiscal report, which comes with the proverbial good news-bad news qualifications.

The good news: VANOC reports a net positive cash position of $182.2 million and said it "remains on track to finish the Games with a balanced budget."

The bad news: VANOC stressed, "It’s important to highlight that we are in a positive cash position because of the timing of payments and expenditures . . . Because of the nature of this project we shouldn’t take these results as necessarily indicative of the future."

The report, which includes audited financial statements for the period ending July 31, 2009, comes just days after Jack Poole, the man who headed the movement to bring the 2010 Winter Olympics to Vancouver, passed away at the age of 76. Vancouver Olympic officials said he died Oct. 23 in hospital "following a lengthy battle with pancreatic cancer." Poole, who was chairman of the VANOC board of directors, lived long enough to see the flame that eventually make its way to the Vancouver Games lit in Greece on Oct. 22.

The 2010 Winter Olympics will run from Feb. 12-28, 2010.

“Our financial results over the past year were positive despite being in the midst of one of the toughest economic environments in a very long time. And while we’re pleased with the result, it’s important to highlight that we are in a positive cash position because of the timing of payments and expenditures,” John McLaughlin, VANOC’s CFO, said in a statement. “Because of the nature of this project we shouldn’t take these results as necessarily indicative of the future — Games’ budgets simply don’t work that way."

McLaughlin added that VANOC, which is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games, has "entered into substantial commitments for the goods and services required for the Games and soon our cash outflows will increase dramatically as we pay our suppliers. We need to continue to move forward cautiously with a disciplined financial strategy in the remaining days to ensure we finish with a balanced budget.” 

Among other figures released in the report, VANOC said project-to-date venue construction expenditures total $555.4 million; total deferred operating expenses for the year were $403.9 million versus $170.4 million in 2008; and that on a project-to-date basis, deferred operating expenditures totalled $768 million. VANOC said its next financial report would be released in December 2009.

2010 Winter Olympics IOC Worldwide Partners: Coca-Cola,. ACER, Atos Origin, General Electric, McDonald's, Omega, Panasonic, Samsung, Visa

2010 Winter Olympics National Partners: Bell, Hudson's Bay, RBC, GM Canada, Petro Canada, RONA

2010 Winter Olympics Official Supporters: Air Canada, BC Hydro, Bombardier, British Columbia Lottery, Canadian Pacific, ICBC, Jet Set Sports, Ricoh Canada, Royal Canadian Mint, Teck

2010 Winter Olympics Official Suppliers: 3M Canada, Acklands-Grainger, Aggreki, Alda Pharmaceuticals, Aquilini Investment Group, Birks, Britco, Canada Post, Cold-FX, Deloitte, Dow Canada, Epcor, Garrett Metal Detectors, General Mills, Hain Celestial Canada, Haworth, Jackson-Triggs, Karl's Global Events, Milennium Development, Molson, Nike Canada, Nortal, Offsetters, Port Metro Vancouver, Purolator Courier, Saputo, Sleep Country Canada, Sun Microsystems Canada, Tickets.com, TransCanada, Vancouver Airport Authority, Weston Bakeries, Workopolis, Wrigley Canada.

2010 Winter Olympics Official Media Suppliers: Canwest Publishing, The Globe and Mail, La Presse

Source: VANOC

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