Canadian companies encouraged to join the team
VANCOUVER, Oct. 19 /CNW/ - The Vancouver Organizing Committee for the
2010 Olympic and Paralympic Winter Games (VANOC) today released its annual
report and announced that it will exceed its 2007 sponsorship target of
$65 million by at least $15.0 million. The report also highlighted a
well-advanced venue construction program that will achieve an Olympic first.
VANOC's annual report includes management discussion and analysis, and audited
financial statements for the fiscal year ending July 31, 2007. It also
includes a look ahead to initiatives planned for 2008. VANOC's annual report
is available at vancouver2010.com.
"I am pleased to report that we continue to meet or exceed our financial
and planning milestones," said John Furlong, VANOC Chief Executive Officer.
"Of particular note, our sponsorship program has already far surpassed our
target for 2007, bringing us that much closer to our overall sponsorship
revenue target of $760 million. Our sport venue construction program will be
substantially complete before the commencement of the Beijing Summer Games,
which is an Olympic first," Furlong noted. "I never dreamed we would be in
such a favourable position so early, and we will continue to honour our
promise to Canadians to keep these Games on budget, on schedule and to engage
the private sector fully in the project."
"Companies from across Canada are continuing to recognize that partnering
with the 2010 Olympic and Paralympic Winter Games is a highly unique and
rewarding opportunity that is helping them to achieve a variety of
objectives," said Dave Cobb, executive vice president, revenue, marketing and
communications. "With our 2007 sponsorship commitments already at $80 million,
and strong momentum continuing to build, we are extremely pleased with the
enthusiasm being shown by Canadian companies and expect to announce several
new agreements before the end of the year." VANOC has now entered into
domestic sponsorship agreements worth approximately $668.5 million, or
88 per cent of the $760 million target.
The report includes a venue-by-venue summary of construction activity and
expenditures for the year. Sixty-two percent ($361 million) of the
$580 million venue construction budget has been expended. A central venue
contingency of $26.8 million is available for the remainder of the
"We absolutely will deliver our venue development program on time and
within the $580 million budget contribution from the Province of British
Columbia and the Government of Canada," said Dan Doyle, executive vice
president, venue construction. "In large part, the ongoing success of our
venue development program is due to the outstanding quality and professional
dedication of our contractors and work crews."
VANOC's operating budget is $1.63 billion. For the 2007 fiscal year,
VANOC generated net deferred operating revenues of $177.8 million. Deferred
operating expenses were $116.9 million. In accordance with Canadian generally
accepted accounting principles, due to the extended business cycle of
preparing for the Games, all revenues and expenses are deferred until the
"We continue to enjoy a sound financial position, not only as a result of
a strong and growing sponsorship program, but also from contributions from the
International Olympic Committee (IOC) and TOP (The Olympic Partner) sponsors,"
noted VANOC's chief financial officer, John McLaughlin. "With the majority of
our operating expenditures to come in the next 2 1/2 years, we continue to
build our capacity and exercise rigour in our financial management. Our
financial goal is to break even or better when the Games are concluded."
Concluded Furlong, "We are now moving into the operational period -
easily the most complex phase in the preparation of the Games. The Games are
the equivalent of staging three Super Bowls a day for seventeen days. The
recent announcement of our ticketing program is further evidence of our
gradual shift from planning and building to operations, as we continue to grow
our team and work to deliver the experience of a lifetime for Canadians and
the world in 2010."
Ongoing activities and focus since July 31, 2007
Select highlights of VANOC's major activities over the next fiscal year,
some of which have already occurred, include:
- The release, in October, of the Vancouver 2010 Winter Games ticketing
strategy, including details of how Canadian residents and
international visitors can attend the 2010 Winter Games at an
affordable range of prices.
- The launch of the Vancouver 2010 Winter Games mascot(s), to occur in
late fall 2007.
- The substantial completion of construction, this fall, on the
- Whistler Nordic Venue
- Cypress Mountain
- Whistler Creekside
- Pacific Coliseum
- Whistler Sliding Centre, including the buildings and track
commissioning (to be complete by winter 2007)
- The sport venue program remains on schedule and on budget. Early
completion of venues will afford Canadian athletes a crucial window
of opportunity to train and become familiar with the venues, and
cultivate a real home-field advantage.
- The release of the Vancouver 2010 Sustainability Report 2006-07, the
second of five such annual reports, is targeted for public
distribution in early 2008. The report details VANOC's sustainability
objectives and its plans and performance relating to six strategic
sustainability objectives, including: accountability; environmental
stewardship and impact reduction; social inclusion and responsibility;
Aboriginal participation and collaboration; economic benefits; and
sport for sustainable living.
- Collaboration between VANOC's Workforce function and major
stakeholders, both internally and externally, to determine volunteer
needs for both the pre-Games and Games-time periods. In the coming
months, additional volunteers will provide assistance with
transportation, event organization, community relations and other
activities in Vancouver and Whistler. The call for Games-time
volunteers will begin in February 2008, with the launch of an online
- The launch, on September 25, of VANOC's Olympic and Paralympic
education program, known as "/EDU," in partnership with the Province
of BC. This groundbreaking program will connect students and teachers
across Canada through an online, bilingual e-magazine and portal,
located at vancouver2010.com/edu.
- The public introduction, on September 20, of the Vancouver 2010
Olympic Winter Games Ceremonies team. David Atkins Enterprises of
Australia was chosen as Executive Producer of the Vancouver 2010
Olympic Winter Games Opening, Closing and Victory Ceremonies, and
will collaborate with a world-class team of Canadian leading figures
drawn from Canada's music, producing, creative and events industries.
- Delivery of the 2010 competition schedule to the IOC Executive Board
in December 2007 for approval of events, by day. The final version of
the schedule will be issued 20 months from the start of the Games, in
June 2008. The first official operational testing of VANOC functions
will be the FIS Alpine World Cup, taking place at Whistler Creekside
from February 21-24, 2008.
VANOC's next financial report will be released in December 2007. It will
include interim unaudited financial statements for the first fiscal quarter,
ended October 31, 2007.
VANOC is responsible for the planning, organizing, financing and staging
of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The
2010 Olympic Winter Games will be staged in Vancouver and Whistler from
February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic
Winter Games from March 12 to 21, 2010.
For further information:
For further information: Mary Fraser, Vancouver 2010, (778) 328-3667;
Margaret Nevin, Vancouver 2010, (778) 328-6475