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RACING AUSTRALIA ANNUAL REPORT 2016
SIGNIFICANT CHANGES IN THE STATE OF
AFFAIRS
On 18 September 2015 Racing Australia Pty Ltd
converted to an unlisted public company limited by
shares, Racing Australia Limited.
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 30 June 2016 the Service Level Agreement between
Australian Genetics Testing Pty Ltd and the University
of Queensland in relation to, among other things, the
conduct of equine research and related genetic research
and testing was terminated by mutual consent.
A new agreement to perform related genetic research
and testing between Racing Australia Limited and
Massey University commenced for a one year period
from 1 July 2016.
Australian Genetics Testing Pty Ltd operating revenue
and costs for related genetic research and testing is
incorporated into the operating budget of
Racing Australia Limited from 1 July 2016.
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.
LIKELY DEVELOPMENTS AND EXPECTED
RESULTS OF OPERATIONS
Likely developments in the operations of the
consolidated entity and the expected results of those
operations have not been included in this report as
the directors believe, on reasonable grounds, that the
inclusion of such information would be likely to result in
unreasonable prejudice to the consolidated entity.
ENVIRONMENTAL REGULATIONS
The consolidated entity's operations are not regulated by
any significant environmental regulation under a law of
the Commonwealth or of a State or Territory.
INDEMNIFICATION OF OFFICER OR AUDITOR
During the financial year, the consolidated entity paid a
premium in respect of a contract insuring the directors
of the consolidated entity, the company secretary and
all executive officers of the consolidated entity and of
any related body corporate against a liability incurred
as such a director, secretary or executive officer to the
extent permitted by the Corporations Act 2001.
PROCEEDINGS ON BEHALF OF THE
COMPANY
No person has applied for leave of Court under
section 237 of the Corporations Act 2001 to bring
proceedings on behalf of the company or intervene in
any proceedings to which the company is a party for
the purpose of taking responsibility on behalf of the
company for all or any part of those proceedings.
The company was not a party to any such proceedings
during the year.
AUDITOR INDEPENDENCE DECLARATION
The lead Auditor’s Independence Declaration required
by section 307C of the Corporations Act 2001 is set out
on page 63 and forms part of this report.
Signed in accordance with a resolution of the Board of
Directors.
On behalf of the Directors
John Messara AM
Chairman
Dated this 14 September 2016
Racing Australia Limited
| ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2016