8 RACING AUSTRALIA ANNUAL REPORT 2021 Throughout the year Racing Australia continued to work collaboratively with the industry to advance the Australian Thoroughbred Racing and Breeding Industry nationally. For a second year the lives of Racing & Breeding participants nationally including the Racing Australia team across our offices in Sydney, Melbourne and Scone were impacted personally and professionally by the Covid-19 pandemic. With ongoing restrictions, lockdowns and COVIDSafe protocols requiring members of the Racing Australia team to work from home for extended periods of time, Racing Australia remained committed to the task at hand: • To keep racing going • T o maintain employment within our sport of up to 75,000 full time positions • To ensure Equine Welfare retains prominence During this time Racing Australia and its team of dedicated staff ensured undisrupted service to the Australian Thoroughbred Racing and Breeding Industry which was underpinned by the commitment and enthusiasm of its staff to continue to innovate, participate and implement new products and technologies. Despite the negative impacts of Covid-19 on some of Racing Australia’s services and associated revenue streams, the company continued to improve its financial position year on year. The revenue streams most impacted by Covid-19 were Race Club services, race meeting related revenues and Stud Book breeding, Import and Export revenues. Racing Australia’s undisrupted service to the Australian Thoroughbred Racing and Breeding Industry is underpinned by the commitment and enthusiasm of its staff to continue to innovate, participate and implement new products and technologies. International border closures and state-based quarantine requirements saw a reduction in imports and exports throughout the pandemic. With international borders reopening a revenue recovery for those impacted revenue streams has begun to materialise. The consolidated result inclusive of depreciation and amortisation was a deficit of $264,168. This result included two extraordinary items in 2020/21 being the payment of a Non-Repayable Grant of $3,000,000 paid proportionally to the Principal Racing Authorities in each state and territory and the impairment expense provision of $562,500 resulting from a timing difference in the supply of inventories. This provision will be reversed in 2021-2022. Excluding extraordinary items and depreciation and amortisation charges the consolidated result was a surplus of $5,681,743 versus the comparable result for 2019-2020 of a $5,259,568 surplus, an increase of $422,175. Excluding extraordinary items and depreciation and amortisation charges the consolidated result was a surplus of $5,681,743 versus the comparable result for 2019-2020 of a $5,259,568 surplus, an increase of $422,175. CHIEF EXECUTIVE OFFICER’S REPORT
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