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Bit Of A Yarn

NZRB half year result


curious

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This report looks really really sick.

They borrowed $15m PLUS took $15m from reserves.  Doesn't that mean they were $30m short for the first 6 months?

Intangible assets are up $14m ????  WTF is that?

A net loss of $15m!  

LOL I found another 15!  Net Gaming (Pokies) revenue $15m!

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LOL AD  (AD stands for all day)

If the FOB disaster came earlier the results would have been far worse.

Curious auditors conclusion needs careful reading.

"Conclusion Based on our review, nothing has come to our attention that causes us to believe that these interim financial statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 31 January 2019, and of its financial performance and cash flows for the period then ended, in accordance with IAS 34 and NZ IAS 34."

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On 10/04/2019 at 7:56 AM, Chief Stipe said:

This report looks really really sick.

They borrowed $15m PLUS took $15m from reserves.  Doesn't that mean they were $30m short for the first 6 months?

Intangible assets are up $14m ????  WTF is that?

A net loss of $15m!  

LOL I found another 15!  Net Gaming (Pokies) revenue $15m!

$14m asset from a $50m spend - not good

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Quite the double take reading the CEO's rose-tinted report compared with the bare facts that turnover on tote, sport and fixed odds are all down.

Numerous mentions of merchant fee increases yet the breakdown in 7d shows a cost of $2.3m, the same as 2018.

Where are the large technology costs related to the 'fixed odds platform'?  In 7a only $1.5m is noted. Does this mean there is a massive overhang about to be dumped into the next period's report??? 

There is no cash in the bank, so unless revenue has spiked up more loans are presumably being taken out right now to cover stakes, software leases and any further fall in revenues.

 

This will be fun, not much room on the equity front to absorb a $50m lease. Government handout for Christmas, anyone?

Quote

NZ IFRS 16 Leases replaces NZ IAS 17 Leases. IFRS 16 eliminates the classifcation of leases as either operating or fnance for
lessees and, instead, introduces a single lessee accounting model. This model requires lessees to account for all of their leases in a
manner similar to how fnance leases were treated applying NZ IAS 17. This will result in:
(a) the recognition of a lease asset and lease liability in the statement of fnancial position;
(b) depreciation of lease assets and fnancing costs on the lease liability in proft or loss; and
(c) present the amount of cash paid for the principal portion of the lease liability within fnancing activities.
Lessor accounting is broadly unchanged compared to NZ IAS 17. NZRB’s assessment of NZ IFRS 16’s full impact is currently
underway; it is expected that the impact in terms of reporting and operational requirements will be signifcant. NZ IFRS 16 is
effective for reporting periods beginning on or after 1 January 2019 and NZRB will adopt this standard from 1 August 2019

[page 17]

 

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On 12/04/2019 at 12:53 AM, Sandpiper said:

Quite the double take reading the CEO's rose-tinted report compared with the bare facts that turnover on tote, sport and fixed odds are all down.

Numerous mentions of merchant fee increases yet the breakdown in 7d shows a cost of $2.3m, the same as 2018.

Where are the large technology costs related to the 'fixed odds platform'?  In 7a only $1.5m is noted. Does this mean there is a massive overhang about to be dumped into the next period's report??? 

There is no cash in the bank, so unless revenue has spiked up more loans are presumably being taken out right now to cover stakes, software leases and any further fall in revenues.

 

This will be fun, not much room on the equity front to absorb a $50m lease. Government handout for Christmas, anyone?

 

Pull up a chair , this is going to be bad , all we'll see is John Allen's dust I'm afraid.

cough cough , personal reasons , can't be touched again , ever

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  • 4 weeks later...
On ‎4‎/‎13‎/‎2019 at 1:12 AM, Kihikihi Kid said:

Pull up a chair , this is going to be bad , all we'll see is John Allen's dust I'm afraid.

cough cough , personal reasons , can't be touched again , ever

Hope I can get this short reply in before my hacker shuts me down again.

John Allen's main job is to research various options, and make recommendations to his Board.

It is the Board members who make the decisions.

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4 hours ago, Laurie Sutherland said:

Hope I can get this short reply in before my hacker shuts me down again.

John Allen's main job is to research various options, and make recommendations to his Board.

It is the Board members who make the decisions.

Well between them all, they proved hopefully deficient in the common sense department. 

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Slightly off topic, but can anyone answer why the NZ TAB wouldn't want free advertising by the way of website affiliates?

I've approached a few people at the TAB about running an affiliate website purely for the NZ TAB and most of them didn't even know what affiliates were. Considering offshore bookmakers survive because of affiliates, I was surprised at this.

Who would I talk to? Or would a brick wall have more answers?

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On 13/04/2019 at 3:41 PM, Newmarket said:

I would love to know how much the tab is losing, simply because punters cant get bets on? 

The promos they run each week are ok for the average punter, about the only time i bet with them. But if you cant place a bet, its a joke. People give up

I can't verify this but a reliable source in my industry , in contact with a head tech guy within the TAB said it looks like a 30 to 35 % loss of revenue or turnover since the app was instigated. Death knell I would have thought. 

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Could it also be due to the fact that the Bookies also are not accepting the amounts that the punters want in?

Even when bets aren’t accepted by the punters, they slash the odds!!

Go figure, they are a law unto themselves!

No wonder the turnover is down and racing turnover will continue to decline with the way they are operating!

The new betting platform is certainly no better than before and cost a packet!!

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I,m a seasoned punter and know all bet types, and what I want to punt.

BUT... the new betting platform should have come with a u-tube instruction video or similar.

I like trebles &, all-ups, among other bets...

It is a challenge ( for the newbie or faint hearted) to get a bet on / in time 

Whilst trying to decipher the form available under the PDF drop down arrow  

OTHERS ADVICE PLEASE (VIDEO AVAIL. ?...)

HOW BEST TO SELECT AND TAKE TREBLES ON THE NEW SITE? 

  

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