Tag Archives: Financial report

DVML, DVL and DCHL annual reports

### ODT Online Fri, 28 Oct 2011
Lack of revenue puts stadium loss at $3.2m
By Chris Morris
Forsyth Barr Stadium chief executive David Davies says his feet are “firmly on the ground” after the company tasked with running the roofed venue recorded a $3.2 million loss in its first financial year. The result was confirmed in Dunedin Venues Management Ltd’s first annual report, for the year ending June 30, 2011, to be presented to councillors at the next full council meeting on Monday.

• The report covers the period the company was in start-up mode, before the stadium’s opening on August 5 this year, meaning DVML was accruing costs while unable to earn revenue.
• It did not include the four Rugby World Cup matches held at the stadium, which fell outside the reporting period but were expected to result in a further loss of $400,000 for DVML.
• The company’s annual report identified employee expenses as the main driver behind the loss, totalling $446,293 in 2010 but growing to just over $1.3 million in 2011, while directors fees rose from $66,760 last year to $88,000 this year.

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### ODT Online Fri, 28 Oct 2011
No statement of intent filed
By Chris Morris
Dunedin Venues Ltd – the company that owns the Forsyth Barr Stadium – breached the Local Government Act by not filing a statement of intent, it has been confirmed. The confirmation came in the Dunedin City Council-owned company’s first annual report, to be considered at the next full council meeting on Monday. The report acknowledged DVL’s directors failed to provide a statement of intent for the year beginning on July 1, 2010, or report the company’s performance against the statement.
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Meeting of Dunedin City Council on 31 October 2011 at 2pm
Council Chamber, Municipal Chambers

Agenda – Council – 31/10/2011 (PDF, 42.9 KB)

Report – Council – 31/10/2011 (PDF, 1.4 MB)
Annual Reports from Dunedin Venues Management Ltd and Dunedin Venues Ltd

Report – Council – 31/10/2011 (PDF, 2.1 MB)
Dunedin City Holdings Ltd Annual Report

DCC pagelink (other reports)

Posted by Elizabeth Kerr

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