NZRacing Posted December 26, 2022 Share Posted December 26, 2022 that the NZ TAB has $85 million on deposite? Fro 'The Optomist' site Quote Few people will know that TAB NZ has $85 million on deposit, and intends building it to $100 million. When I asked Tod why the TAB is compelled to hold a reserve fund, he responded thus: “We need to ensure that we hold appropriate balance sheet strength to ensure the long-term viability of the business.” I am going to call that crap but will be proven one way or anothe when the Annual Report comes out. Anyone know when it;s due out - this would be the latest ever for it to be released. Quote Few people will know that TAB NZ has $85 million I am picking even their bank is unaware of that . Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 26, 2022 Share Posted December 26, 2022 29 minutes ago, NZRacing said: that the NZ TAB has $85 million on deposite? Fro 'The Optomist' site I am going to call that crap but will be proven one way or anothe when the Annual Report comes out. Anyone know when it;s due out - this would be the latest ever for it to be released. I am picking even their bank is unaware of that . Must be bollocks. If they did then the Government would be knocking on the door for the return of their bail out money. He may be confused with how much money is sitting in the current account at any point in time and hasn't subtracted the current liabilities. De Lore hasn't been too accurate on the financials previously. What I don't get though is the comment the CEO allegedly made to De Lore. That doesn't add up. In the last two years the monthly reports haven't been showing any windfall profits. The opposite actually. Quote Link to comment Share on other sites More sharing options...
holy ravioli Posted December 28, 2022 Share Posted December 28, 2022 They invested 85million in crypto....FTX probably!🤣 1 1 Quote Link to comment Share on other sites More sharing options...
curious Posted December 28, 2022 Share Posted December 28, 2022 (edited) On 27/12/2022 at 8:18 AM, NZRacing said: I am picking even their bank is unaware of that . Not only their bank, their accountants and auditors don't seem to know either. Never mind, De Lore in his inimitable investigative fashion, publishes it anyway without reference to any source other than hearsay. Edited December 28, 2022 by curious Quote Link to comment Share on other sites More sharing options...
Special Agent Posted December 28, 2022 Share Posted December 28, 2022 Does anyone believe? I'd say "no". There is less said and done that anyone should believe. Truth and transparency do not exist. 1 Quote Link to comment Share on other sites More sharing options...
Mark D Posted December 29, 2022 Share Posted December 29, 2022 They use to have $120m I'm guessing a decade ago but my understanding that has been pissed up against the wall by a series of CEOs on failed IT projects and guaranteeing stakes whilst revenues were falling etc etc Quote Link to comment Share on other sites More sharing options...
Mark D Posted December 29, 2022 Share Posted December 29, 2022 Had a look at the accounts as at 31/7/22 and as far as I can tell they may have $20m available for general use - the rest is held in trust - betting accounts etc (but I'm not an accountant (thankfully)) Term deposits of $50 million is made up of the following:• $30 million relates to the Betting Accounts and Betting Vouchers Trust representing funds held in trust to coverthe balance of customer betting account deposits and vouchers liability; additionally, a further $4 million offunds included within cash and cash equivalents is held to cover the total owed to customers of betting accountdeposits and vouchers liability of $28 million. The deposits and cash balance held in trust are not available for useby TAB NZ in the ordinary course of business up to the value of the betting deposits and vouchers liability.• $20 million relates to TAB NZ general cash funds invested in term deposits as part of TAB NZ’s normal investment strategy Quote Link to comment Share on other sites More sharing options...
The Centaur Posted December 29, 2022 Share Posted December 29, 2022 Maybe they get confused with depreciation and cash available. For instance the wonderful $50 million betting platform virtually worthless the day it was commissioned. 1 Quote Link to comment Share on other sites More sharing options...
Freda Posted December 29, 2022 Share Posted December 29, 2022 I'm confused. Not hard but still....the first paragraph referring to the 30 mill seems to me to repeat itself. The second is clear enough. I think. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 29, 2022 Share Posted December 29, 2022 40 minutes ago, Mark D said: Had a look at the accounts as at 31/7/22 and as far as I can tell they may have $20m available for general use - the rest is held in trust - betting accounts etc (but I'm not an accountant (thankfully)) Term deposits of $50 million is made up of the following:• $30 million relates to the Betting Accounts and Betting Vouchers Trust representing funds held in trust to coverthe balance of customer betting account deposits and vouchers liability; additionally, a further $4 million offunds included within cash and cash equivalents is held to cover the total owed to customers of betting accountdeposits and vouchers liability of $28 million. The deposits and cash balance held in trust are not available for useby TAB NZ in the ordinary course of business up to the value of the betting deposits and vouchers liability.• $20 million relates to TAB NZ general cash funds invested in term deposits as part of TAB NZ’s normal investment strategy I would tend to agree with you however I'm viewing the annual report on my smart phone so difficult to flick between figures. The Net Equity figure says they are $89m in the black however that includes account holder funds and betting in play. Not to mention the valuation of intangible assets. My assessment is nothing has improved and in reality there is very little real equity. Quote Link to comment Share on other sites More sharing options...
Mark D Posted December 29, 2022 Share Posted December 29, 2022 33 minutes ago, Freda said: I'm confused. Not hard but still....the first paragraph referring to the 30 mill seems to me to repeat itself. The second is clear enough. I think. Yeah may be a result of my cut and paste and formatting Freda. It is debatable that the $30 should be shown as an asset but it probably nets out to zero because of a liability on the other side A bit misleading but accounting can be like that Quote Link to comment Share on other sites More sharing options...
curious Posted December 29, 2022 Share Posted December 29, 2022 1 hour ago, Mark D said: Had a look at the accounts as at 31/7/22 and as far as I can tell they may have $20m available for general use - the rest is held in trust - betting accounts etc (but I'm not an accountant (thankfully)) Term deposits of $50 million is made up of the following:• $30 million relates to the Betting Accounts and Betting Vouchers Trust representing funds held in trust to coverthe balance of customer betting account deposits and vouchers liability; additionally, a further $4 million offunds included within cash and cash equivalents is held to cover the total owed to customers of betting accountdeposits and vouchers liability of $28 million. The deposits and cash balance held in trust are not available for useby TAB NZ in the ordinary course of business up to the value of the betting deposits and vouchers liability.• $20 million relates to TAB NZ general cash funds invested in term deposits as part of TAB NZ’s normal investment strategy Yes. Most of it is not free cash that they could otherwise distribute and the rest is really operating capital. Quote Link to comment Share on other sites More sharing options...
Bloke Posted December 29, 2022 Share Posted December 29, 2022 1 hour ago, Chief Stipe said: I would tend to agree with you however I'm viewing the annual report on my smart phone so difficult to flick between figures. The Net Equity figure says they are $89m in the black however that includes account holder funds and betting in play. Not to mention the valuation of intangible assets. My assessment is nothing has improved and in reality there is very little real equity. I have not seen the financial accounts but if they are holding account holder funds in a bank account that should show on the balance sheet as both as an asset (account holder funds held in bank account) and as a liability (account holder funds) so therefore should have no impact on the equity. However, given that it is the TAB anything is possible. 1 Quote Link to comment Share on other sites More sharing options...
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