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Strong Awareness Driving Corporate Interest in Partnering with TORONTO 2015 Pan Am/Parapan Am Games Français


News provided by

Toronto 2015 Pan/Parapan American Games

Nov 21, 2013, 07:00 ET

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Games remain on time, on budget in latest TO2015 fiscal results
Conference call with TO2015 CEO and executives today at 10:00 a.m.

TORONTO, Nov. 21, 2013 /CNW/ - The TORONTO 2015 Games and its growing community awareness in southern Ontario is proving attractive to major Canadian companies, with four more coming on board this fall, the TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015) reported today as part of its quarterly fiscal update.

TO2015's senior leadership team will be available to the media at 10:00 a.m. (ET) today. For details on how media can dial in, please see below.

The flurry of major announcements included Loblaw Companies Ltd. (grocery retailer) as a Premier Partner of the Games; Opening Ceremony Creative Partner Cirque du Soleil; as well as Official Suppliers the Royal Canadian Mint (medals) and McKesson Canada (pharmaceutical). Additional partnerships will be announced in December.

The quarterly financials — which show the Organizing Committee remains on budget — were reviewed by TO2015's Audit Committee. Documents outlining TO2015's infrastructure budget and quarterly financial graphs covering the fiscal period ending September 30, 2013 (FY 2014, Q2) are available at TORONTO2015.org.

"The TORONTO 2015 Games are attracting a great deal of interest from high-profile Canadian companies," said Ian Troop, chief executive officer of TO2015. "These partners are bringing invaluable expertise, as well as goods and services to the table that are critical for us to successfully deliver the largest international multi-sport Games ever held in Canada."

Highlights of the quarter include:

TO2015's operating expenses were $12.4 million and were predominantly spent in the areas of corporate, technology and workforce. Since inception, the Organizing Committee has spent $83.2 million or 10.8 per cent of its total operations budget of $767 million.

Currently at 239 employees, TO2015 is continuing to ramp up hiring for Games time with almost 200 anticipated staff yet to be recruited.

TO2015's total venue construction expenditures for the quarter were $86.1 million, including the second milestone payment of $44 million for the CIBC Pan Am/Parapan Am Aquatics Centre and Field House, $20 million for the CIBC Hamilton Pan Am Soccer Stadium, $11.1 million for the Cisco Milton Pan Am/Parapan Am Velodrome and $10.4 million for the Markham Pan Am/Parapan Am Centre and the balance on other smaller projects.

Project-to-date venue construction expenditures amounted to $262.5 million, representing 36 per cent of its total capital budget.

TO2015's overall capital building program is continuing to come in under budget. The $57.5-million positive variance in the capital budget first reported in the November 2012 Quarterly Report remains unchanged. Ninety-four per cent of the capital budget is locked in, with financial contingencies built into each individual venue budget. Potential for cost increases has been mitigated by using a project management design that shifts risk to private sector contractors.

TO2015 is tracking on target against its quarterly operating budget. In July 2013, the Organizing Committee, as required by the Multi-party Agreement, delivered Version 2 of its Business Plan for the Games. The plan is under review by the provincial and federal governments with approval expected in early 2014.

Other highlights include:

  • TO2015 hosted 350 international and regional sport leaders during Toronto's first-ever Pan American Sports Organization (PASO) General Assembly. A number of important decisions were reached during the meeting, including:
    • PASO confirmed the TORONTO 2015 Games will use the sole World Anti-Doping Association (WADA) accredited laboratory in Canada, located at the Institut National de la Recherche scientifique-Institut Armand-Frappier (INRS) in Montreal.
    • PASO confirmed the dates for the 2014 Chef de Mission seminar: September 16-20, 2014, in Toronto.
    • The Canadian Olympic Committee (COC) named famed Canadian cyclist Curt Harnett as its chef de mission for Team Canada at the TORONTO 2015 Pan Am Games.
    • Lima, Peru, was chosen as the Host City for the 2019 Pan Am/Parapan Am Games, defeating bids from Argentina, Chile and Venezuela.
  • The $70-million TORONTO 2015 Sport Legacy Fund will ensure three key Games' venues provide a lasting legacy for high-performance sport in Canada and maximize the community and recreational use of these facilities. The fund, supported by the Government of Canada and Province of Ontario, will go towards the CIBC Pan Am/Parapan Am Aquatics Centre and Field House, Cisco Milton Pan Am/Parapan Am Velodrome and the CIBC Pan Am/Parapan Am Athletics Stadium at York University.
  • TORONTO 2015 merchandise — including a collectable plush PACHI the porcupine — will be available to take home this holiday season at the newly designed TORONTO2015.org website, as well as at other retailers in Ontario.
  • TO2015 has posted a revised version of its Business Expense and Travel Policy online at TORONTO2015.org. The policy was approved by TO2015's Board of Directors. As indicated in the policy, management will be posting a summary of the executive and Board of Directors' expense claims on a quarterly basis. The quarter ending September 30, 2013, has already been posted.
  • Rowing Canada has committed to sending its best team to compete at the Pan Am Games. The world-class Royal Canadian Henley Rowing Centre will host 14 men's and women's competitions. For the Games, the Government of Canada and the City of St. Catharines are jointly funding the renovation of the sole bridge linking the facility to the mainland.
  • Since inception, 769 businesses have sold goods and services to TO2015, totaling more than $26 million as of October 31, 2013. Sixty-five per cent went to businesses operating in the Greater Golden Horseshoe region. Of the suppliers used, 178 are diverse suppliers, meaning they are 51 per cent owned by women, visible minorities, Aboriginal peoples, persons with disabilities or from the LGBTQ community. Diverse suppliers accounted for $4.7 million in business with TO2015.

Enterprise Risk Management
Since mid-2012, TO2015 has implemented a robust enterprise risk management process that is continuing to evolve in preparation for the delivery of the Games.

By fiscal year-end March 31, 2014, TO2015 will add an internal audit function to complement the activities of the internal audit functions of the federal and provincial governments. This will provide objective feedback to management and the board of directors that the appropriate mitigating strategies are in place to ensure an operationally sound and safe Games, as well as a fiscally responsible execution against budget.

TO2015 Budget Background
The overall budget for the TORONTO 2015 Games remains unchanged at $1.441 billion. Of the total amount, $674 million is dedicated to a capital budget for new venues and renovating existing facilities and $767 million is dedicated to the operations of staging the Games.

The budget is composed of up to $500 million from the Government of Canada, $500 million from the Government of Ontario, along with $288 million from municipal governments, universities and venue owners and an estimated $153 million raised through sponsorships, ticketing and other revenue measures.

The budget includes the costs of overlay, some essential services and the need for appropriate contingencies for the capital and operating components of the Games. It has been reviewed and confirmed by independent third-party financial experts and by experts in staging large-scale, international, multi-sport events.

In addition to the $674-million capital budget, there are other supportive investments being made. As per the Bid Book, the construction of the CIBC Pan Am/Parapan Am Athletes' Village, which will be a permanent residential community following the Games, is not included in the TO2015 capital budget.

The construction of the Field House in Markham is funded solely by the City of Markham for $34 million. As announced in 2011, the Province of Ontario is investing an additional $22.3 million in Hamilton's new stadium.

When it announced its budget in May 2012, TO2015 committed to regular updates to the public. Today's Quarterly Report is the fifth in an ongoing series of regular, quarterly organizational updates as the organization moves forward to Games time.

Like the Province of Ontario, TO2015's financial reporting follows the fiscal year, which ends March 31, rather than the calendar year, which ends on December 31. This is why the bulk of the Organizing Committee's operating expenses, for example, will be paid in fiscal year 2016; though occurring in the summer of 2015, the Games will take place during the second quarter of fiscal year 2016.

The next Quarterly Report will be released in February 2014 and will cover the third quarter of fiscal 2014.

TO2015 Quarterly Report Media Conference Call Details

When:          Thursday, November 21, 2013
        10:00 a.m. to 11:00 a.m. (ET)
         
Who:         Ian Troop, chief executive officer, TO2015
        Barbara Anderson, chief financial officer, TO2015
        Katherine Henderson, senior vice-president, marketing & revenue, TO2015
        Jason Fellen, senior director, capital projects, TO2015

To access the conference call by telephone, dial 416.981.9004 or toll-free 1.800.750.5857 within North America. Please connect approximately 10 minutes prior to the beginning of the call.

About TO2015
The TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015) is tasked with the responsibility of planning, managing and delivering the Games. Its mission is to ignite the spirit through a celebration of sport and culture. The TORONTO 2015 Pan American Games will take place July 10-26 and the Parapan American Games August 7-14.

The 2015 Games are funded by the Government of Canada, the Province of Ontario, as well as other partners and sponsors. CIBC is the Lead Partner of the Games.

For more information about the Games, please visit TORONTO2015.org. 

SOURCE: Toronto 2015 Pan/Parapan American Games


Teddy Katz
Director, Media Relations and Chief Spokesperson, TO2015
416.957.2117
[email protected]

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Toronto 2015 Pan/Parapan American Games

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