As mentioned I attended the ATC members forum at Rosehill last Saturday. A presentation was made in respect of the financial performance and position of the ATC as at 30 June 2014.
There were no financial statements provided to the meeting. Notwithstanding this, the ATC reported a very healthy EBITDA resulting from its “controlled operations” with a figure of $14.9m.
I won’t comment on this result until such time as I have been able to review the audited and published financial statements but I will say I was very surprised. I hope we aren’t seeing some creative accounting / intervention from RNSW (they would love to see the ATC have a spectacular but misleading financial result….it makes racing in NSW look good!) as we lead up to the ATC’s first ever board election……I and others remain highly suspicious. Once I receive the financial reports I will make further comment noting that in February 2014 the ATC was seemingly reporting a grim financial position as hinted below!!
I attended the ATC members forum at Rosehill on 27 September.
It was a very slick presentation from Darren Pearce and his team. If their expectations are realised it’s all blue sky for the ATC from here. I certainly hope so as we all do. I stated a few days ago that I would get back to you in relation to TVN.
I was particularly interested in the recent media commentary on the proposed agreement between TVN and the Seven Network. My interest in this matter goes to the significant income flows expected by virtue of the ATC’s 50% shareholding in TVN. If the deal proceeds as disclosed in the media, I expect there would be a massive windfall to the ATC of around $20 million per year for 10 years.