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Concise Annual Report : Concise Annual Report 2013
Contents
CHIEF EXECUTIVE OFFICER’S MESSAGE “The successful management of a year of transition has allowed Tabcorp to have an even stronger focus on executing its growth strategies and positions the company for a sustainable and profitable future.” I am pleased to report that the 2013 financial year was a successful one for Tabcorp. It was a year in which the company managed significant change, secured key licence extensions and delivered strong financial results despite tough and competitive trading conditions. During the year we continued our focus on investment in new products and strengthening digital delivery within our multi-channel distribution strategy. Our unique distribution model, coupled with our strong brands and broad range of products, has ensured we maintained our leadership position in Australian gambling entertainment. Group performance overview The company’s reported Net Profit After Tax (NPAT) from continuing operations before significant items was $139.1 million, down 13.1%1 for the year to 30 June 2013. This result reflects the transition to the new Victorian Wagering and Betting Licence and the launch of Tabcorp Gaming Solutions (TGS). The best measure of the company’s financial performance is the growth in Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), which was up 9.5%2 to $463.9 million. This growth was achieved due to the strong contribution of the Keno and TGS businesses and underpinned by disciplined expense management across the group. I will now take you through the performance of each of our four continuing businesses. Wagering Wagering is the largest of Tabcorp’s four businesses. The business had a good year with total wagering revenues (including the Victorian Racing Industry’s interest) up 5.9%. This reflected the benefit from the strong growth in fixed odds betting and the expansion of international co-mingling. The business also benefited from direct betting into our NSW and SuperTAB totalizator pools, following the cessation of Tote Tasmania pooling into SuperTAB. This resulted in the combined NSW and Victorian totalizator revenues growing for the first time in a number of years. However, after accounting for the allocation to the Victorian Racing Industry under the new 50/50 Joint Venture arrangements, reported Wagering revenues were $1,558.0 million, down 4.8%. EBITDA was $265.0 million, down 12.0%, impacted by the new Joint Venture arrangements, as well as increased race fields fees. The best measure of the company’s financial performance is the growth in Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), which was up 9.5%2 to $463.9 million. Tabcorp Concise Annual Report 2013 6
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