Chief Stipe Posted September 1, 2019 Share Posted September 1, 2019 Quote Link to comment Share on other sites More sharing options...
Freda Posted September 1, 2019 Share Posted September 1, 2019 Hmmm...sadly so. The insult is that still we have the 700 - odd employed without any attempt at 'trimming' . I realise that there will be contracts to run , and also, 'business as usual ' has to take place - which would preclude a massive clearing out just yet, but some indication that cost trimming will take place would be nice. 1 Quote Link to comment Share on other sites More sharing options...
TIME FOR CHANGE Posted October 12, 2019 Share Posted October 12, 2019 What will the operating profit be this year ? Last year 154.9 million. what is your figure for this year ? Quote Link to comment Share on other sites More sharing options...
curious Posted October 12, 2019 Share Posted October 12, 2019 14 hours ago, TIME FOR CHANGE said: What will the operating profit be this year ? Last year 154.9 million. what is your figure for this year ? Dean has already announced this. While the full year results for RITA will be outlined at the AGM in November (and featured in the pending Statement of Intent), the unaudited net profit for the 2018/19 financial year at $137 million was significantly below last year’s result of $145.9 million and well below the budgeted $173.5 million. In spite of this, distributions to the Codes for both the 2018/19 and 2019/20 season have been held at the current level of $151.6 million. Quote Link to comment Share on other sites More sharing options...
Joe Bloggs Posted October 16, 2019 Share Posted October 16, 2019 I'd call that robbing Peter to pay Paul......they do that very successfully, until Peter wises up, then the shit will hit the fan,,,,,,nah, #whospolicingthepolice Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted October 16, 2019 Author Share Posted October 16, 2019 On 13/10/2019 at 5:59 AM, curious said: Dean has already announced this. While the full year results for RITA will be outlined at the AGM in November (and featured in the pending Statement of Intent), the unaudited net profit for the 2018/19 financial year at $137 million was significantly below last year’s result of $145.9 million and well below the budgeted $173.5 million. In spite of this, distributions to the Codes for both the 2018/19 and 2019/20 season have been held at the current level of $151.6 million. So that's another $17m from reserves. Are they expecting a handout from Government? Why didn't they just bite the bullet and live within their means? Also why is it that through all this decline the person responsible for managing the revenue side of the business seems to have immunity? Quote Link to comment Share on other sites More sharing options...
Freda Posted October 16, 2019 Share Posted October 16, 2019 16 minutes ago, Chief Stipe said: So that's another $17m from reserves. Are they expecting a handout from Government? Why didn't they just bite the bullet and live within their means? Also why is it that through all this decline the person responsible for managing the revenue side of the business seems to have immunity? What reserves? Have some savings been discovered under a mattress somewhere? I am guessing that the loan has been rolled over for another year [ don't loans have interest to be paid as well.....? ] until the BIUC and POC windfalls come rolling in to save us. And they can't 'live within their means' because Winston has instructed RITA to maintain stakes at their current levels. I'm told - gleefully - that stakes will definitely go up next season. I should have thought that debt servicing would take care of a fair chunk of any realised extra income. Quote Link to comment Share on other sites More sharing options...
Joe Bloggs Posted October 16, 2019 Share Posted October 16, 2019 Surely they can't raise stakes until revenue increases? what business runs on this ethos? the whole thing is a sham, house of cards, call it what you like, in fact a giant ponzy scheme bests sums it up. The sooner the cartel is ended the better, but who will be brave enough to take them on? I'll donate a diamond bike to the good bastard that brings them all down! 1 Quote Link to comment Share on other sites More sharing options...
NZRacing Posted November 11, 2019 Share Posted November 11, 2019 No doubt like like year the Annual Report will be handed out to those few that attend the AGM. How wonderful is that no time for anyone to peruse the accounts so the serious questions can be answered. Transparency at it's best,what a joke. Any faith I had in RITA is sadly gone just like the NZ Racing Industry 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted November 11, 2019 Author Share Posted November 11, 2019 Exactly they have had the result in their hands for how long? Quote Link to comment Share on other sites More sharing options...
Kopia Posted November 11, 2019 Share Posted November 11, 2019 3 hours ago, NZRacing said: No doubt like like year the Annual Report will be handed out to those few that attend the AGM. How wonderful is that no time for anyone to peruse the accounts so the serious questions can be answered. Transparency at it's best,what a joke. Any faith I had in RITA is sadly gone just like the NZ Racing Industry You lasted longer than me....any faith I had in rita went when they announced the 'dead horse' Allen was staying on as CEO. What a waste of time, rita, peters, allen, mac, et al 3 1 Quote Link to comment Share on other sites More sharing options...
Joe Bloggs Posted November 12, 2019 Share Posted November 12, 2019 And what a croc of shit it all is. I thought the 2011 report was, but this usurps 2011. How no one go's to jail has me beat, That's why history repeats, because fiduciary duty laws are so lax in NZ you get behaviour such as this. 2 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted November 13, 2019 Author Share Posted November 13, 2019 Here is the annual report: NZRB1845_Annual_Report_2019_FINAL5.pdf Quote Link to comment Share on other sites More sharing options...
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