Racing Australia Annual Report 2015
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PRINCIPAL ACTIVITIES
The consolidated entities principal activity in the course of the financial year was the provision of racing materials
services and products to the state based Principal Racing Authorities and race clubs of Australia and the supply of
field and form products to Racing Australia’s commercial and retail customers. Purchase of the Australian Stud Book
in September 2015 expanded the activities of the company to breeding. The company was renamed Racing Australia
Pty Ltd in April 2015 following the merger of the Australian Racing Board Limited and Racing Information Services
Australia Pty Ltd, further expanding the activities of the company to include the national co-ordination of rules.
Racing Australia Pty Ltd is the sole member of the Thoroughbred Trainers Service Centre Limited which holds an
Australian Financial Services Licence and provides low cost industry based horse syndication services to trainers.
Racing Australia Pty Ltd holds the shares in Australian Genetics Testing Pty Ltd which conducts equine research and
related genetic research and testing.
REVIEW OF OPERATIONS
The surplus of the consolidated entity for the financial year after providing for income tax amounted to $2,740,334
(2014: $2,603,031). The surplus for the year includes the payment of non-repayable grants of $98,862 (2014: $0).
A review of the operations of the consolidated entity during the financial year and the results of those operations
found that during the year, the consolidated entity continued to engage in its principal activity, the results of which
are disclosed in the attached financial statements.
The Thoroughbred Trainers Service Centre Limited operates based on a letter of financial support from Racing
Australia Pty Ltd until such time as it becomes cash positive. A new letter of financial support in conjunction with
a Deed of Subordination between ASIC, Racing Australia Pty Ltd and the Thoroughbred Trainers Service Centre
Limited was executed for a further 2 years commencing 1 July 2014. The Thoroughbred Trainers Service Centre
Limited trades as a separately registered company and is the holder of an Australian Financial Services licence.
Australian Genetics Testing Pty Ltd operates based on a letter of financial support from Racing Australia Pty Ltd
until such time as it becomes cash positive. A new letter of financial support between Racing Australia Pty Ltd and
Australian Genetics Testing Pty Ltd has been executed.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
On 17 September 2014, Racing Australia Pty Ltd, purchased the assets of the Australian Stud Book (ABN 64 358
205 057) (ASB) and all of the shares in capital of Australian Genetics Testing Pty Ltd (ABN 83 138 140 762) (AGT) for
a purchase consideration of $18,000,000. The purchase was completed based on a bank loan to a maximum value
of $16,000,000. As a bank condition to secure the loan, a bank guarantee equivalent to 88% of the loan balance
was required, guaranteed by Racing NSW (35%), Racing Victoria (35%) and Racing Queensland (18%).
On 13 April 2015, the Australian Racing Board Limited and Racing Information Services Australia Pty Ltd merged.
Racing Information Services Australia Pty Ltd was renamed Racing Australia Pty Ltd.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 18 September 2015, Racing Australia Pty Ltd converted from a proprietary company to a public company, Racing
Australia Limited.
There has not been any other matter or circumstance, other than that referred to in the financial statements or
notes thereto, that has arisen since the end of the financial year, that has significantly affected, or may significantly
affect, the operations of the company, the results of those operations, or the state of affairs of the company in future
financial years.
Racing Australia Pty Ltd
| ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2015
