report 15/16 - adelaide convention bureau · development process the government of south australia...

ANNUALREPORT 15/16

03. HIGHLIGHTS 2015 / 1604. CHAIRMAN’S REVIEW05. CHIEF EXECUTIVE OFFICER’S REPORT06. SALES ACTIVITY07. EVENTS08. MARKETING10. EVENT SERVICES11. CORPORATE SERVICES12. MEMBERSHIP14. PARTNERS15. ORGANISATION17. FINANCIAL REPORTS

CONTENTS

$210M$210MECONOMIC BENEFIT

39% Increase from last year

50,964Delegates

$632 PER DAYSpent by delegates

Visitor Economy ImpactVisitor Economy Impact

RESTAURANTS, HOTELS, TAXIS,

BARS, RETAIL, REGIONAL DISPERSAL... 3 x more than

a leisure tourist

BED NIGHTS

JOBS CREATED ROI

1:801108:1

HIGHLIGHTS 2015 /16

Phil BakerChairman

PHIL BAKER

The 2015/16 year has been an outstanding success for the Bureau and industry members.

The Board continued to focus on delivering key areas of the strategic plan – maintain an efficient and high performing Bureau, deliver an increased economic benefit to stakeholders and members and promote the benefits of business events and the visitor economy. I’m delighted to report that these objectives have been well achieved although the Board is still striving to secure a sustainable funding model for the future.

After delivering record results the previous year, it was always going to be a challenge to repeat the outcome. A number of factors would however assist, namely new private and public business event infrastructure with a focus on the Riverbank, development of the BioMed City, significant media attention generating a high level of event organiser interest and the State Government’s convention bid fund. These factors were used by the hard working Bureau Team to not only exceed targets but to well and truly smash the record books.

The Bureau have been exceptional in securing 120 events that will attract 50,964 delegates who will in turn generate 220,900 bed nights. This level of future activity will deliver $210 million of economic benefit to the city and state and importantly create and support 2,038 jobs in the visitor economy. The return on total budget is an incredible 108:1.

Key events won include:• International Conference on Biological Inorganic

Chemistry 2021, 800 delegates• Land Forces Exposition 2016, 1,100 delegates• Australian Dental Congress 2020, 3,000 delegates• Australian Physiotherapy National Conference 2019,

2,000 delegates• World Fisheries Congress 2020, 1,500 delegates• Superannuation Funds of Australia National Conference

2018, 1,500 delegates

One of the key differences this year was that significantly larger events (800+ delegates) have been won. The convention bid fund has been instrumental in securing these events with members to feel the positive effects of this in future years. The Minister for Tourism Leon Bignell MP is to be congratulated on the impact and success of the convention bid fund which has now delivered more than $200 million of business in just two years. Due to this success the fund has been extended for a further two years assisting the destination to compete in what is still a highly competitive industry and increasingly so. One only needs to look forward to the next few years when new or redeveloped convention centres come on line in Sydney, Melbourne and Auckland. In particular, Auckland will be seeking to take Australian associations off shore.

The Bureau is however looking to diversify some of its resources into the lucrative markets in Asia. Corporate meetings and incentive travel groups frequent Australia regularly, South East Asia is potentially low hanging fruit and with direct flights soon to commence it is hoped a number of Chinese groups can be secured. Following the successful hosting of Dreamtime 2015, Asian business is certainly a key opportunity due to our capability and high end product offering.

The Bureau is very proud of this year’s result and appreciates the collaboration and support from all 173 members. The South Australian Tourism Commission continue to be a strong supporter and as does the Adelaide City Council with their increasing focus on the visitor economy. The Bureau enjoys a healthy relationship with its key funding partners. One of the Bureau’s greatest strengths to winning business is the Team Adelaide approach, this has never been stronger than now. With two record years delivered the forward calendar looks very prosperous, however much work is still to be done to combat the increasing competition going forward.

CHAIRMAN’S REVIEW

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DAMIEN KITTO

Damien KittoChief Executive Officer

2015/16 has been a year of tremendous activity, with this a record result has been delivered.

It was a year Adelaide had the opportunity to host the best industry events on the calendar. The Bureau lead the charge in hosting the Associations Forum, PCO Association Conference, Dreamtime, Destination SA and the BioMed City Showcase. It was the perfect chance to promote the destination to more than 700 event organisers on the new and emerging proposition of Adelaide South Australia.

Amazing feedback has been received by clients which has generated many leads and converted bid opportunities. The level of media generated is significant, domestic and global media have provided many stories on the key attributes of the destination and showcased many member products. The focus and interest this has generated by event organisers is evident with the records results.

Two events were a catalyst in promoting the destination globally. Dreamtime held in December 2015 was an amazing opportunity to showcase Adelaide and regions to highly qualified global corporate meeting and incentive event organisers. 95% of attendees indicated they are now likely to pitch Adelaide as a business events destination. The Bureau was delighted to partner with Business Events Australia and the South Australian Tourism Commission to present the event which has been lauded the most successful Dreamtime yet.

The BioMed City showcase is an important annual event that showcases Adelaide’s capability for hosting medical events and promotes we have the largest bio medical precinct in the southern hemisphere. Feedback from the 95 attendees was impressive with many motivated to bid for future national and international events. The trade media support in recognising Adelaide’s strength for medical conventions is growing globally. Adelaide has the rare opportunity of owning this space in Australasia, particularly those research themes aligned to SAHMRI.

In addition to hosting these many industry events, the Bureau Team maintained its impressive sales activity. The level of activity delivered is significant and can be attributed to the record results achieved for industry by attracting 50,964 delegates that will stay 220,900 bed nights and generate $210 million of economic benefit for the city and state.

The economic benefit secured for the future is up 39% alone on the previous year. A key contributor to this result is the powerful impact of the State Government’s convention bid fund. The provision of the fund is a game changer to enable the destination to be competitive and win events that were once out of reach. The benefits from large conventions held at the Convention Centre is extensive with many members benefiting from the flow on effects through the economy. The Bureau is delighted the State Government has extended the program in recognition of its high yielding return.

The Bureau this year restructured its approach to membership and is pleased with the level of support. It has provided greater resources aligned to activity and enhanced the Team Adelaide approach in the eyes of event organisers. The support and collaboration of members is not only important but also greatly appreciated by the Bureau.

The close working relationship with key funding partners the South Australian Tourism Commission and Adelaide City Council is highly valued and without this support the Bureau would not be delivering this high level of business to members. The Bureau is delighted that each partner has increased funding for FY17 which is a strong vote of confidence in the growing importance of business events to the visitor economy.

This is a milestone year for the Bureau, however we cannot afford to rest, competition is increasing and still much demand needs to be driven to fill the destination. A challenging but indeed exciting opportunity lies before us.

CHIEF EXECUTIVE OFFICER’S REPORT

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ACTIVITYIn 2015 / 2016 the Adelaide Convention Bureau sales team conducted 17 sales missions into key national and international markets, maintaining a high level of activity during an exciting period in the destination’s development.

Targeted dialogue took place with decision makers and high level influencers from a range of associations, corporations, PCO’s and incentive houses served to build relationships, identify and develop bid opportunities, and ultimately convert bid submissions.

In the theme of doing more with less the Bureau conducted the highest levels of business development in both bid development and programs conducted. In total the Bureau submitted 146 bids, this eclipsed the previous year by an additional 6.5% and is the highest number of bids submitted by the Bureau in its 42-year history.

The Conventions Adelaide program continued to grow in its capability to deliver specific opportunities for the destination to capitalise on. The Conventions Adelaide program delivered the second BioMed City Showcase which resulted in immediate business being confirmed to Adelaide. The Bureau worked closely with Ambassadors and industry partners to drive a high level of business development activity.

The Bureau has now had access to the Convention Bid Fund for 2 years, which has had staggering results on the economic benefit it has been able to produce for Adelaide and South Australia.

Results wise 11 international bid wins and a further 8 major strategic national wins (all connected to the state’s economic and strategic priorities) reinforce the ongoing importance of the Conventions Adelaide program. The associated sales pipeline is also healthy for the period ahead at $245 million.

Thanks to the Government of South Australia’s Convention Bid Fund the Bureau has significantly been able to increase the economic benefit to Adelaide and South Australia through business events. 5 years ago the Bureau produced an economic benefit to the State of $85 million with the support of the Convention Bid Fund the team at the Bureau were able to produce an economic benefit to the State of $210 million. This is an increase of a staggering 60% compared to 5 years ago.

SALES ACTIVITY

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In recognition of this successful inclusion into the Bureau’s development process the Government of South Australia has increased the commitment to the Convention Bid Fund through to 2019.

The Bureau was successful in securing strong engagement from key industry partners (e.g. Tourism Australia and SATC) to help drive the continued development of the Incentives Adelaide program. This was underpinned by familiarisation activity, along with targeted marketing and sales activity.

SALES MISSIONS• 4 sales missions to Sydney.• 4 sales missions to Melbourne.• 2 sales missions to Brisbane.• 3 sales missions to Canberra.• 2 sales mission to New Zealand.• 1 sales mission to Perth• 1 sales mission to China• AIME (Asia Pacific Incentives & Meetings Expo) -

Melbourne, 22 - 24 February 2016.• IMEX (International Meetings Events & Incentive Expo -

Frankfurt, 19 - 21 April 2016.• Business Events Australia North Asia Showcase,

Shanghai, 13 - 15 April 2016• PAICE (Pacific Area Incentives & Conference Expo) -

Auckland, 19 November 2015.

DESTINATION SOUTH AUSTRALIAThe 12th edition of Destination South Australia was delivered, with this key showcase serving as the focal point of in-market activity to profile the destination and convert bid opportunities. 35 handpicked event buyers, including 3 media representatives were hosted across an interactive program showcasing the city and regional locations. 46 State based event organisers were also engaged within the program.

This event helps to encourage the concept that Adelaide is a surprising destination for business events with 93% of surveyed buyers more likely or much more likely to sell Adelaide as a business events destination. The event itself received 100% satisfaction rating along with how satisfied hosted clients were with Adelaide as a business events destination.

As a direct result of hosting Destination SA in 2016 over $22.5 million in economic benefit (7 events) has already been confirmed in connection to hosted buyers, with a further $5.5 million (5 events) in the ‘pending’ pipeline.

ADELAIDE’S BIOMED CITY SHOWCASEFor the second year running the Bureau conducted the Adelaide BioMed City Showcase. An event which brings together industry experts from South Australia, interstate and oversees to bear witness to the emerging and unparalleled destination that is, Adelaide as a surprising business events destination.

EVENTS

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VIEW THE DESTINATION SOUTH AUSTRALIA VIDEO

During this event over 90 executive representatives, representing $500 million of major international convention opportunities. The results of this event were nothing short of spectacular with 100% of hosted guests changing their perception of Adelaide as a business events destination, 72% confirming they will bring business to the state in the next 2 – 4 years and 91% now advocates for Adelaide as a business events destination.

DREAMTIMEIn December 2015 the Bureau hosted Business Events Australia’s Dreamtime. Dreamtime reached 120 qualified international business events decision markers (buyers) and international media from 10 key markets. These buyers are decision makers with potential long-haul business for Australia. The buyers had the opportunity to experience first-hand the world-class capabilities of South Australia’s business events industry. The event resulted in the hosted buyers increasing their likelihood of selling Adelaide as a Business Events destination by 81%. In the same survey 91% were very satisfied or satisfied with Adelaide as a business events destination. The event itself was hugely successful with 94% of hosted buyers satisfied which has been recognised with the Best Corporate Event at the 2016 Australia Event Awards. The highlight of Dreamtime was no doubt the bespoke breakfast at Vardon Avenue which epitomised Adelaide’s ability to provide unique event solutions by closing down a city street and providing a tailored platform for guests to enjoy premium food that was locally sourced. Dreamtime was a great opportunity for Adelaide to showcase its vibrant city and authentic regions to the most well-travelled international agents.

VIEW THE 2015 DREAMTIME KANGAROO ISLAND FAMIL VIDEO

http://www.adelaideconvention.com.au/media/video/#/2016-destination-sa-video

http://www.adelaideconvention.com.au/media/video/#/2015-dreamtime-kangaroo-island-famil

HOSTED ACTIVITYEmpirical evidence confirms that once potential decision makers arrive in Adelaide there is a higher prospect the client will confirm the opportunity to Adelaide. The Bureau hosted a record number of events to directly engage and convince key decision makers that Adelaide is a surprising destination for business events.

These events included;• Associations Forum - Adelaide, 14 - 15 July 2015. • Professional Conference Organisers Association,

29 November – 1 December 2015• Dreamtime, 6 – 9 December 2015• Destination SA – Adelaide, 7 - 10 March 2016. • Adelaide BioMed City Showcase, 3 – 4 June 2016

As a result of these events 761 agents/buyers were invited into Adelaide to experience just how surprising the destina-tion can be for business events.

A number of national and international decision makers were hosted by the Bureau for targeted site inspections and activities which were also strengthened by the contribution of member operators, stakeholders and political influencers.

DEVELOPMENT OF KEY INITIATIVESConventions Adelaide The Conventions Adelaide Program continues to increase Adelaide and South Australia’s ability to attract major national, Asia Pacific, and international association conventions that are aligned with the state’s primary areas of industry and research (e.g. health and medical research, advanced manufacturing, environmental management, education and agriculture).

This is achieved via a highly targeted and strategic state-wide cooperative approach from key industry contributors and beneficiaries.

High level support from across industry and Government continues to be fostered through the Conventions Adelaide Ambassador Program. Currently, 75 Conventions Adelaide Ambassadors (representing Government Ministers and officials, the three universities, research institutions and state industry leaders) contribute to the Program and assist in the development of sales leads and bid submissions to win conferences for the State.

MARKETING

Key activities undertaken within the Conventions Adelaide during the year include:• Completed 9 international successful bids that will

generate a forecast 57,656 hotel bed nights and $70 million in economic benefit for the state.

• 2 x “Hot Leads” Lunches targeting key local bid champions with the objective of developing international convention leads through to bid opportunities.

• Development of the Conventions Adelaide Grant Awards Program in collaboration with supporting institutions - SAHMRI, The University of Adelaide, University of South Australia, Flinders University, Health Industries South Australia, PIRSA and BioSA.

Examples of events secured through the Conventions Adelaide Program in 2015/16 include:• 20th International Conference on Biological Inorganic

Chemistry 2021. 800 delegates.• Asia Oceania Conference on Obesity 2017. 800

delegates.• Land Forces Conference and Exhibition 2016. 1100

delegates.• World Fisheries Congress 2020. 1500 delegates.

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BIOMED CITY SHOWCASE

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PUBLIC RELATIONSMedia coverage has never been higher. Bureau stories have been covered in newspapers, industry trade magazines, in news articles and destination feature spreads. Media partnerships have been formed with writers and journalists from Australia, New Zealand and Asia with a number attending and covering Destination SA.

The Bureau would like to thank Sue Hill, Foster Hill PR for her ongoing support and fantastic contribution to our good news stories.

HIGHLIGHTSThe Adelaide Convention Bureau produced a record figure of economic benefit delivered to the state in 2015 / 2016. Whilst this is a great success for South Australia it is one of many highlights that the Bureau was involved in over the 12 months. Below are highlights throughout the year.

• New digital Adelaide Planners Guide, with more interactive and rich media features than ever before.

• Hosted one of the best Dreamtime events in history, whilst showcasing and surprising some of the most experienced agents in the industry.

• Launched a new marketing campaign, Adelaide… Be Surprised! at Destination South Australia

• Hosted more events in 12 months than ever before. • Launched the Strategic Partner membership level

increasing the Team Adelaide approach in supporting the business events industry.

• Adelaide hosted multiple large scale international conferences setting the scene for the influx of conferences heading our way with the completion of the redeveloped convention centre.

• Increased the social media platforms across the board.• Streamlined office processes including implementing a

new CRM.

To ensure the best engagement and capture of current and prospective clients, along with industry partners, the Bureau continued a strong focus across its digital marketing platform.

MARKETING

DREAMTIME 2015

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The Bureau’s Event Services function directs and communicates opportunity to membership linked to events already destined for the state .

RESULTS• 65 events were placed throughout membership

representing a forecast economic benefit of $24.4 million to the state generating 48,424 bed nights.

• Examples of some of the business events directed through the business placed function include: - English Australia National Conference, Sep 2017, 350 delegates. - ANCOLD Conference, Oct 2016, 250 delegates. - Aglow Convention, Aug 2016, 650 delegates.

EVENT SERVICES

EVENT PROFESSIONALS NETWORKING EVENING

INITIATIVES Invitation for targeted state buyers to attend Destination South Australia 2016.• 2x SA Event Professionals Networking functions - one

held in the Bureau offices with 20 attendees (December) and one at the Hilton Adelaide (May) with 50 attendees, with a range of delegates consisting of event organisers from the state’s association, corporate, government and university sectors.

• Targeted promotion of the Business Event Services function via the business development activities of the Conventions Adelaide Program.

NEW BUSINESS OPERATING SYSTEM The Bureau implemented a new operating system –Simpleview. After more than 10 years it was time to move ahead with a streamline database to deliver a new level of information and analysis for Bureau staff and Members.

The Bureau Team were involved in three days of training followed by four training sessions for Members.

FINANCEThe Bureau delivered a surplus of $20,575 for 2015/16. Although always a challenge working within budget limitations the Bureau managed to work well with the resources at hand and delivered an excellent business activity level for members.

The Bureau continues its strong relationship with key stakeholders, South Australian Tourism Commission and Adelaide City Council. Their funding contribution and ongoing support strengthens the Bureau’s capabilities in securing events for the state and city.

The 2015 grant year application for an Export Market Development Grant (EMDG) was approved receiving $27,000 from Austrade.

CORPORATE SERVICES

PLANNER’S GUIDEThe 2015-2016 Planner’s Guide was uploaded onto the website and distributed to a database of 7,000 Australian and international business events professionals (qualified contacts) and via social media channels. The Planners Guide was also loaded to USBs and taken on all sales calls, trade shows and other in-market missions.

HELLO AND GOODBYEThe Bureau welcomed additional team members during the year. Nic Mercer was appointed Director of Sales & Marketing, December 2015. Laura Chippendale was appointed to the role of Events Coordinator in May 2016 contracted to January 2017. Laura recently graduated from TAFE SA and undertook work experience at the Bureau in 2015 as part of her curriculum.

Helen Hobbins Manager, Events and Sponsorship retired from her contract in April 2016. Helen, hubby Chris and their little boy Zac, welcomed an addition to their family, baby Liam was born in May 2016.

Tim Boundy Business Development Manager resigned in June 2016 to take on the role of CEO for Renew Adelaide.

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RESULTSThe Bureau has a strong membership base of 173 members who work in collaboration to showcase the destination to national and international event organisers and delegates.

Membership subscription fees and in-kind support distributed across Destination SA, site inspections and familiarisation programs amounted to $1.06m of support from industry which highlights the exceptional support the Bureau receives from members.

CONTACTMembers were either visited or contacted during the year, including regional visits to the Barossa, Adelaide Hills and McLaren Vale.

Throughout the year there were 12 member product presentations and 8 sales team site inspections. This ensured the Bureau team were kept up-to-date and educated on member products and services.

MEMBERSHIP EVENTS & ACTIVITIESThe Bureau’s aim is to continually improve the quality and attendance of events, facilitate member to member networking opportunities, educate members on products available and provide numerous avenues for various business opportunities.

The following events and activities were held by the Bureau for members:

• 5 Business Hours - Glenelg Precinct/City of Holdfast Bay, Adelaide Hills Convention Centre, Morphettville Racecourse, Ayers House and Alere Restaurant

• 4 member training sessions held in the Bureau offices - including iDSS training and Digital Marketing opportunities.

• member training sessions held at Hotel Grand Chancellor on Hindley to introduce the Bureau’s new CRM, Simpleview

• Industry Lunch - Hilton Adelaide, Coal Restaurant & Bar• Annual Breakfast - InterContinental Adelaide• Annual General Meeting - Adelaide Casino

HIGHLIGHTS• Through the Bureau’s increased profile, successful

results and various initiatives, 21 new organisations joined the Bureau.

• Introduction of new membership levels and structure to include; Strategic Partners, Premier (Accommodation and Conference Professional), E.S.T.E and Connect.

• Implementation of a new CRM, Simpleview that allows members to update their own product and contact details, communicate to other members via a post board, review

• Attendance numbers increased at Bureau networking events. Organisations outside of membership were also invited to attend, which allowed further business promotion and opportunities for members.

• Destination South Australia - which included a progressive dinner starting at the Art Gallery then onto the South Australian Museum finishing off at The State Library. The Gala Dinner was held in conjunction with the Fringe Festival at the exclusive Fringe Club. A familiarisation program saw delegates experience various member regional products.

• Strategic Partners and Premier members were provided the opportunity to co-exhibit at AIME (Asia Pacific Incentives & Meetings Expo) and PAICE (Pacific Area Incentives & Conferences Expo) in New Zealand.

• Dreamtime 2015 whereby members were actively involved.

MEMBERSHIP

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MEMBERSHIP

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MEMBERSHIPMEMBERSHIP

KEY STAKEHOLDERS:

STRATEGIC PARTNERS:

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PARTNERS

Corporate ServicesDamien Kitto - Chief Executive OfficerMary White - General ManagerLisa Hodshon - Membership ManagerHelen Hobbins - Events & Sponsorship Manager (commenced July 2015 / parental leave May 2016)Laura Chippendale - Events Coordinator (commenced May 2016)

Sales & MarketingNic Mercer - Director of Sales & Marketing (commenced December 2015)Kathryn Pullman - Manager - Strategy and DevelopmentGemma Nelson - Business Development Manager Tim Boundy - Business Development Manager - InternationalLani Strathearn - Business Development ExecutiveLavender Feng - Business Development ExecutiveMarcella Visentin - Marketing OfficerNick Blight - Event Services OfficerTess Kidman - Sales Team Coordinator

Board Directors

Phil Baker Chairman - Independent appointment by the Board

Alec Gilbert Deputy Chair - Appointed by Minister for Tourism

Cr. Natasha Malani - Appointed by Adelaide City Council

Jim Kouts - Independent appointment by the Board

Anne-Marie Quinn - All Occasions Group Strategic Partner member category

John Culshaw - Majestic Hotels Premier member category

Cindy Hynes - WBH Lawyers ESTE member category

Ian Horne - Australian Hotels Association Connect member category

ORGANISATION

ORGANISATION

FINANCIAL REPORTS

Financial Report

Adelaide Convention Bureau Limited

Year Ended 30 June 2016

ADELAIDE CONVENTION BUREAU LIMITED ABN 94 007 759 668 DIRECTORS’ REPORT The directors of Adelaide Convention Bureau Limited present their report for the financial year ended 30 June 2016. The name and particulars of the directors of the company in office at any time during or since the end of the year are in the table below. Directors’ Meetings The following table sets out the number of directors meetings held during the financial year and the number of meetings attended by each director (while they were a director). During the financial year ten Board meetings were held.

Elected

Board Meetings

Membership Representation

Attended / Held

Baker, Phil (Chairman since 8 October 2007) Appointed by Board

Independent 9/9

Gilbert, Alec - Adelaide Convention Centre (Deputy Chair since 2008)

Appointed by Minister for Tourism

5/9

Malani, Natasha - Corp. of the City of Adelaide Proxy: David Slama from Dec 2014 (1/1 meeting attended)

Appointed by Adelaide City Council

7/9

Kouts, Jim - ENGIE Independent 9/9 Quinn, Anne-Marie – All Occasions Group Strategic Partner 8/9 Culshaw, John – Majestic Hotels Premier 8/9 Hynes, Cindy – WBH Lawyers ESTE 9/9 Horne, Ian – Australian Hotels Association Connect 8/9

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Company Secretary The position of company secretary was held by Damien Kitto (Chief Executive Officer) for the entire financial year. Principal Activities The company’s principal activities in the course of the financial year were the marketing and promotion of South Australia as a convention and visitor destination. During the financial year there was no significant change in the nature of those activities.

ADELAIDE CONVENTION BUREAU LIMITED ABN 94 007 759 668 DIRECTORS’ REPORT (CONT)

Results The company’s net profit for the financial year was $20,575 (2015: $49,047). Review of Operations A review of the operations and results of the company during the financial year is contained in the Report by the Chairman. Changes in State Of Affairs During the financial year there was no significant change in the company’s state of affairs. Subsequent Events There has not been any matter or circumstance not otherwise dealt with in the financial statements that has arisen since the end of the financial year, that has significantly affected, or may significantly affect, the company’s operations, the results of those operations, or the company’s state of affairs in future financial years. Future Developments Likely developments in the operations of the company and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the company. Environmental Issues The company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory. Indemnification of Officers and Auditors During the financial year the company paid a premium in respect of a contract insuring the directors of the company (as shown above), and all executive officers of the company against a liability incurred as such a director or executive officer to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Proceedings on Behalf of the Company No person has applied for leave of Court 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 such proceedings during the year. Contributions on winding up In the event of the company being wound up, members are required to contribute a maximum of $50 each. The total amount that members of the company are liable to contribute if the company is wound up is $10,000 based on 200 members.

Level 1,

67 Greenhill Rd

Wayville SA 5034

Correspondence to:

GPO Box 1270

Adelaide SA 5001

T 61 8 8372 6666

F 61 8 8372 6677

E [email protected]

W www.grantthornton.com.au

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context

requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal

entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s

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GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF ADELAIDE CONVENTION BUREAU LIMITED In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Adelaide Convention Bureau Limited for the year ended 30 June 2016, I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

b no contraventions of any applicable code of professional conduct in relation to the audit. GRANT THORNTON AUDIT PTY LTD Chartered Accountants S K Edwards Partner – Audit & Assurance Adelaide, 15 September 2016

ADELAIDE CONVENTION BUREAU LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2016

Note 2016 2015

$ $

Revenues 2 2,426,925 2,256,313

Membership expenses (28,108) (40,715)

Business Events expenses (1,501,988) (1,378,223)

Administrative expenses (639,550) (578,559)

Corporate expenses (236,704) (209,769)

Profit for the year 2 20,575 49,047

Other comprehensive income - -

Total comprehensive income for the year 20,575 49,047

The accompanying notes form part of these financial statements

Page 5


STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016

Notes 2016 2015

CURRENT ASSETS $ $

Cash and cash equivalents 3 3,464,048 2,653,829Trade and other receivables 4 1,074,890 528,375Other current assets 5 4,892 12,344

TOTAL CURRENT ASSETS 4,543,830 3,194,548

NON-CURRENT ASSETS

Property, plant and equipment 6 40,420 33,834

TOTAL NON-CURRENT ASSETS 40,420 33,834

TOTAL ASSETS 4,584,250 3,228,382

CURRENT LIABILITIES

Trade payables 7 44,033 182,284Short term provisions 8 166,590 158,813Other payables 9 944,204 871,426

1,154,827 1,212,523

NON-CURRENT LIABILITIES

Long term provisions 8 15,520 5,952Other payables 10 2,983,227 1,599,806

TOTAL NON-CURRENT LIABILITIES 2,998,747 1,605,758

TOTAL LIABILITIES 4,153,574 2,818,281

NET ASSETS 430,676 410,101

MEMBERS' EQUITY

Retained earnings 430,676 410,101

TOTAL MEMBERS' EQUITY 430,676 410,101


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STATEMENT OF CHANGES IN EQUITY


Retained

Earnings

$

Balance at 1 July 2014 326,805

Adjustment to restate prior year 34,249

Balance at 1 July 2014 361,054

Total comprehensive income for the year 49,047

Balance at 30 June 2015 410,101

Total comprehensive income for the year 20,575

Balance at 30 June 2016 430,676


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STATEMENT OF CASH FLOWS


Note 2015 2014

$ $

Inflows Inflows

(Outflows) (Outflows)

Cash flows from operating activities

Receipts from members 420,163 203,366Grants received 1,475,213 1,789,087Other income 233,861 339,852Interest received 28,565 20,834Payment to suppliers and employees (1,951,347) (1,847,604)

Net cash provided by/(used in) operating activities 14 (b) 206,455 505,535

Cash flows from investing activities

Payments for property, plant & equipment (18,240) -

Net cash used in investing activities (18,240) -

Net cash used in investing activities - -

NET INCREASE/(DECREASE) IN CASH HELD 188,215 505,535

CASH AT BEGINNING OF FINANCIAL YEAR 1,521,969 1,016,434

CASH AT THE END OF THE FINANCIAL YEAR 14 (a) 1,710,184 1,521,969


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NOTES TO AND FORMING PART OF THE FINANCIAL REPORT


NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The financial report is a general purpose financial report which has been prepared in accordance withAustralian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001.

Adelaide Convention Bureau Limited is a company limited by guarantee, incorporated and domiciledin Australia. Adelaide Convention Bureau Limited is a not-for profit entity for the purpose of preparing financial statements.

The financial report for the year ended 30 June 2016 was approved and authorised for issue by the board of directors on 15 September 2016.

Adoption of new and revised accounting standards

In the current year, the Company has adopted all of the new and revised Standards and Interpretationsissued by the Australia Accounting Standards Board that are relevant to its operations and effectivefor the current annual reporting period.

The Company has elected to adopt the Australian Accounting Standards – Reduced DisclosureRequirements (established by AASB 1053 Application of Tiers of Australian Accounting Standards

and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure

Requirements ).

New and revised standards that are effective for these financial statements

A number of new and revised standards became effective for annual periods beginning on or after 1 July 2015. Information on the more significant standard(s) is presented below.

AASB 2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements

for Australian Groups with a Foreign ParentAASB 2015-4 amends AASB 128 Investments in Associates and Joint Ventures to ensure that its reporting requirements on Australian groups with a foreign parent align with those currently available in AASB 10 Consolidated Financial Statements for such groups. AASB 128 will now only require the ultimate Australian entity to apply the equity method in accounting for interests in associates and joint ventures, if either the entity or the group is a reporting entity, or both the entity and group are reporting entities.

AASB 2015-4 is applicable to annual reporting periods beginning on or after 1 July 2015.

The adoption of this amendment has not had a material impact on the Association.

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NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT)

(a) Property, Plant and Equipment

Plant and equipment are measured on the cost basis, less depreciation and impairmentlosses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it isnot in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assetsemployment and subsequent disposal. The expected net cash flows have not been discountedto present values in determining recoverable amounts.

(b) Depreciation

Depreciation is provided on property, plant and equipment, on a straight-line basis so as towrite off the net cost of each asset over its expected useful life. Leasehold improvements aredepreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight line method. The depreciation rates applied are as follows:

Office equipment 13 - 33%Furniture and fittings 13 - 20%Staff amenities 9 - 20 %Trade Show Stand 25 - 50%IDSS System 20%

(c) Income Tax

As the company is exempt for tax purposes, tax effect accounting has not been adopted.

(d) Employee Entitlements

Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when it is probable that settlement will be required and are capable of being measured reliably.

Provisions made in respect of wages and salaries and annual leave expected to be settledwithin 12 months, are measured at their nominal values.

Provisions made in respect of long service leave which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be madeby the company in respect of services provided by employees up to the reporting date.

(e) Unearned Income

(i) Grant Monies

Grant monies received relating to subsequent accounting periods is brought to account as unearned income.

(ii) Subscriptions in Advance

Members subscriptions received relating to subsequent periods are brought to account as unearned income.

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NOTES TO AND FORMING PART OF THE FINANCIAL REPORTFOR THE YEAR ENDED 30 JUNE 2016


(f) In-kind SupportServices provided free of charge are measured at fair value and brought to account as revenuewhich is offset by an equal expense.

(g) CashFor the purpose of the statement of cash flows, cash includes:- cash on hand and at call deposits with banks or financial institutions, net of bank overdrafts.

(h) Goods and Services Tax (GST)Revenue, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Taxation Office. In thesecircumstances the GST is recognised as part of the cost of acquisition of the asset or as partof an item of the expense. Receivables and payables in the statement of financial position areshown inclusive of GST.

(i) Revenue and Other Income

Revenue is measured by reference to the fair value of consideration received or receivable by the Company.

Revenue is recognised when the amount of revenue can be measured reliably, collection is probable, the costs incurred or to be incurred can be measured reliably, and when the criteria for each of the Comany’s different activities have been met. Details of the activity-specific recognition criteria are described below.

Government grants

A number of the Group’s programs are supported by grants received from the state and local governments.

If conditions are attached to a grant which must be satisfied before the Company is eligible to receive the contribution, recognition of the grant as revenue is deferred until those conditions are satisfied.

Where a grant is received on the condition that specified services are delivered, to the grantor, this is considered a reciprocal transaction. Revenue is recognised as services are performed and at year-end until the service is delivered.

Revenue from a non-reciprocal grant that is not subject to conditions is recognised when the Company obtains control of the funds, economic benefits are probable and the amount can be measured reliably. Where a grant may be required to be repaid if certain conditions are not satisfied, a liability is recognised at year end to the extent that conditions remain unsatisfied.

Membership revenue

Membership subscriptions are recognised in the period to which they relate.

Interest revenue is recognised using the effective interest rate method, which for floating ratefinancial assets is the rate inherent in the instrument.

(j) Impairment of AssetsAt the end of each reporting period, the company assesses whether there is any indication that an asset may be impaired. The assessment will include considering external sources ofinformation and internal sources of information. If such indication exists, an impairment test iscarried out on the asset by comparing the recoverable amount of the asset, being the higherof the asset's fair value less costs to sell and value in use to the asset's carrying value. Anyexcess to the asset's carrying value over its recoverable amount is expensed to the statementof profit or loss and other comprehensive income.

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(k) Trade and other Payables

Trade and other payables represent the liability outstanding at the end of the reporting periodfor goods and services received by the company during the reporting period, which remain unpaid. The balance recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

(l) Leases

Lease payments for operating leases, where substantially all the risks and benefits remain withthe lessor, are charged as expenses on a straight-line basis over the lease term. Leaseincentives under operating leases are recognised as a liability and amortised on a straight-linebasis over the life of the lease term.

(m) Comparative Figures

Comparative figures are, where appropriate, reclassified so as to be comparable with the figurespresented for the current financial year.

(n) Financial instruments

Recognition, initial measurement and derecognition

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are initially measured at fair value. Subsequent measurement of financial assets and financial liabilities are described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred.

A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Classification and subsequent measurement of financial assetsFor the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments are classified into the following categories upon initial recognition:

- loans and receivables

The category determines subsequent measurement and whether any resulting income and expense is recognised in profit or loss or in other comprehensive income.

All financial assets are subject to review for impairment at least at each reporting date to identify whether there is any objective evidence that a financial asset or a group of financial assets is impaired.

All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs or finance income, except for impairment of trade receivables which is presented within other expenses.

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(n) Financial instruments (Cont)

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition, these are measured at

amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The Company’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments.

Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default. Receivablesthat are not considered to be individually impaired are reviewed for impairment in groups, which are determined by reference to the industry and region of a counterparty and other shared credit risk characteristics. The impairment loss estimate is then based on recent historical counterparty default rates for each identified group.

Classification and subsequent measurement of financial liabilities

The Company’s financial liabilities include trade and other payable.

Financial liabilities are measured subsequently at amortised cost using the effective interest method, except for financial liabilities held for trading or designated at FVTPL, that are carried subsequently at fair value with gains or losses recognised in profit or loss.

All interest-related charges and, if applicable, changes in an instrument’s fair value that arereported in profit or loss are included within finance costs or finance income.

(o) Critical Accounting Estimates and Judgements

The directors evaluate estimates and judgements incorporated into the financial report basedon historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.

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2016 2015$ $

NOTE 2 - PROFIT FOR THE YEAR

(a) REVENUE

Membership fees 420,163 379,726

Other operating revenue 283,861 339,852Government grants 1,475,213 1,251,306Interest 28,565 20,834In-kind support 219,123 264,595TOTAL OPERATING REVENUE

2,426,925 2,256,313

EXPENSES

Profit for the year includes the following specific expenses:

Depreciation, amortisation or diminuation in value of:Property, plant and equipment 11,654 16,053

Operating lease payments 12,232 9,706

Employee benefits 1,212,723 1,132,094

Marketing expenses 494,155 351,647

The employee benefits expense above, which includes salaries and on-costs, has been apportioned across the expense categories shown in the statement of profit or loss and other comprehensive income.

The marketing expenses above relate to business event activities only.

NOTE 3 - CASH AND CASH EQUIVALENTSCash on hand 1,387 1,342Cash at bank 3,462,661 2,652,487

14(a) 3,464,048 2,653,829

NOTE 4 - CURRENT RECEIVABLESTrade receivables 1,074,890 528,375

1,074,890 528,375

NOTE 5 - OTHER CURRENT ASSETSPrepaid expenses 4,842 12,294Deposits paid 50 50

4,892 12,344

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2016 2015

$ $

NOTE 6 - PROPERTY, PLANT AND EQUIPMENT

Office equipment - at cost 75,221 59,229 Less: accumulated depreciation (59,430) (57,012)

15,791 2,217

Furniture and fittings - at cost 98,613 98,613 Less: accumulated depreciation (74,325) (67,508)

24,288 31,105

Staff amenities - at cost 1,364 1,364 Less: accumulated depreciation (1,023) (852)

341 512

Trade Show Stand - at cost 41,099 41,099 Less: accumulated depreciation (41,099) (41,099)

- -

IDSS System - at cost 38,417 38,417 Less: accumulated depreciation (38,417) (38,417)

- -

Total property, plant and equipment 40,420 33,834

Furniture

Office and Staff

Equipment Fittings Amenities Total

$ $ $ $

Balance at the beginning of the year 2,217 31,105 512 33,834Additions 18,240 - - 18,240 Depreciation expense (4,666) (6,817) (171) (11,654)

Carrying amount at the end of the year 15,791 24,288 341 40,420

2016 2015

$ $

NOTE 7 - CURRENT LIABILITIES - TRADE PAYABLES

Trade payables 44,033 182,284

44,033 182,284

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2015 2014

NOTE 8 - PROVISIONS $ $

CURRENT

Employee benefits - annual leave 45,027 42,882Employee benefits - long service leave 121,563 115,931

166,590 158,813

NON-CURRENT

Employee benefits - long service leave 15,520 5,952

15,520 5,952

Number of Employees at Year End 14 12

NOTE 9 - CURRENT LIABILITIES - OTHER PAYABLES

GST Collected 134,633 108,254Subscriptions in advance 118,944 13,278Unearned income 555,000 680,000Accrued expenses 135,627 69,894

944,204 871,426

NOTE 10 - NON CURRENT LIABILITIES - OTHER PAYABLES

Incentive Funding advanced 2,983,227 1,599,806

2,983,227 1,599,806

NOTE 11 - REMUNERATION OF DIRECTORS

The directors of the company during the year were:

Phil Baker (Chairman since 8 October 2007)Alec GilbertAnne-Marie QuinnJohn CulshawIan Horne Natasha MalaniJim KoutsCindy Hynes

The directors of the company did not receive any income or benefits from the company and anyrelated body corporate in connection with the management of the company and any related bodycorporate.

Page 16



2016 2015$ $

NOTE 12 - REMUNERATION OF AUDITORS

Amounts received, or due and receivable, by the auditorsfrom the company and any related body corporate for:

(a) Audit and review of financial reports 14,600 14,200(b) FBT return 1,000 1,500

15,600 15,700

NOTE 13 - RELATED PARTY DISCLOSURE

Transactions with directors and their director related entities during the year:

(a) occurred within normal supplier relationships on terms and conditions no more favourable thanthose which it is reasonable to expect the company would have adopted if dealing with thedirector or director related entity at arm's length in the same circumstances; and

(b) do not have the potential to adversely affect decisions about the allocation of scarceresources made by the users of the accounts, or the discharge of accountability by the directors.

2016 2015$ $

NOTE 14 - NOTES TO THE STATEMENT OF CASH FLOWS

(a) Reconciliation of CashFor the purposes of the statement of cash flows, cashincludes cash on hand and in banks. Cash at the end of the financial year as shown in the statement of cash flowsis reconciled to the related items in the statement offinancial position as follows:

Cash on hand 1,710,184 1,521,969Cash held on behalf of third parties 1,753,864 1,131,860

3 3,464,048 2,653,829

(b) Reconciliation of net cash provided by operatingactivities to net profit/(loss)Net profit/(loss) 20,575 49,047

Depreciation 11,654 16,053

(Increase)/Decrease in: Trade receivables 137,902 458,188 Other assets 7,452 3,973

Increase/(Decrease) in: Trade payables (61,251) (130,017) Provisions 17,345 11,970 Other payables 72,778 96,321

NET CASH PROVIDED FROM OPERATING ACTIVITIES 206,455 505,535

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NOTE 15 - KEY MANAGEMENT PERSONNEL COMPENSATION

Post

Short-term employment

benefits benefit Total

2016 $ $ $

Total Compensation 439,568 41,759 481,327

2015

Total Compensation 460,209 43,720 503,929

NOTE 16 - FINANCIAL ASSETS AND LIABILITIES

(a) Categories of financial assets and liabilities

The principal categories of financial instruments used by Adelaide Convention Bureau Limitedare:

2016 2015$ $

Financial assets

Cash and deposits 3,464,048 2,653,829Trade and other receivables 1,074,890 528,375

4,538,938 3,182,204

Financial Liabilities

Trade and other payables 44,033 182,284

44,033 182,284

Net financial assets 4,494,905 2,999,920

NOTE 17 - CAPITAL AND LEASING COMMITMENTS

Operating Lease Commitments

Non-cancellable operating leases contracted for but notcapitalised in the financial statements:

Payable

- Not later than 1 year 131,460 36,860- Later than 1 year but not later than 5 years 410,560 42,020- Later than 5 years - -

542,020 78,880

Property lease (commenced in September 2015) of new premises with a five year term was taken up withrent payable monthly in advance. Photocopier and vehicle leases are contracted with five year terms.

Page 18



NOTE 18 - CORRECTION OF PRIOR PERIOD RESULTS

It has been identified that trade payables included a number of purchases invoices relating to previous financial years which were not payable.

The table below shows the impact of the individual line items affected by the correct of the prior period:

Increase/ 20152015 (Decrease) Restated

$ $ $Statement of financial position (extract)

Trade payables 216,533 (34,249) 182,284 Total current liabilities 1,246,772 (34,249) 1,212,523 Total liabilities 2,852,530 (34,249) 2,818,281 Net assets 375,852 34,249 410,101

Retained earnings 375,852 34,249 410,101 Total equity 375,852 34,249 410,101

NOTE 19 - COMPANY DETAILSThe registered office of the company is:

Adelaide Convention Bureau LimitedAston HouseLevel 1, 15 Leigh StreetADELAIDE SA 5000

Page 19

Level 1,

67 Greenhill Rd

Wayville SA 5034

Correspondence to:

GPO Box 1270

Adelaide SA 5001

T 61 8 8372 6666

F 61 8 8372 6677

E [email protected]

W www.grantthornton.com.au

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context

requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal

entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s

acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.

GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ADELAIDE CONVENTION BUREAU LIMITED We have audited the accompanying financial report of Adelaide Convention Bureau Limited (the “Company”), which comprises the statement of financial position as at 30 June 2016, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the company.

Directors’ responsibility for the financial report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001. The Directors’ responsibility also includes such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require us to comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.

2

In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s opinion In our opinion:

a the financial report of Adelaide Convention Bureau Limited is in accordance with the Corporations Act 2001, including:

i giving a true and fair view of the Company’s financial position as at 30 June 2016 and of its performance for the year ended on that date; and

b complying with Australian Accounting Standards- Reduced Disclosure Requirements and the Corporations Regulations 2001.

GRANT THORNTON AUDIT PTY LTD Chartered Accountants S K Edwards Partner – Audit & Assurance Adelaide, 15 September 2016

Aston House

Level 1, 15 Leigh Street

Adelaide South Australia 5000

Tel +61 (0)8 8237 0100

Email: [email protected]

www.adelaideconvention.com.au

Stakeholders:

report 15/16 - adelaide convention bureau · development process the government of south australia...

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