Vancouver 2010

Vancouver 2010

December 19, 2006 11:55 ET

VANOC On Track and on Budget Heading Into 2007

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 19, 2006) - As part of issuing its quarterly financial report today, the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) reflected on a successful 2006 and looked forward to carrying the momentum into 2007. A complete summary of 2006 and 2007 milestones are included in an attached backgrounder.

"As we approach the end of 2006 and the three-year countdown to the 2010 Winter Games, we're on track and on budget," said John Furlong, VANOC chief executive officer. "Our construction season finished successfully and we're pleased to have generated $115 million this year through several new sponsorship agreements with great Canadian companies, exceeding our $100 million target for 2006."

"One of our greatest sources of inspiration this past year was the wonderful success of our Canadian athletes," continued Furlong. "They have transferred their unprecedented momentum gained at the Torino 2006 Winter Games into an impressive medal count of 66 early in this winter sport season."

Furlong added that 2006 was an intense planning year. "From our first-hand experience at the Torino Games to the International Olympic Committee's thorough Torino debriefing session last summer, our team gained valuable information in 2006 that helped us develop a comprehensive update to our business plan which we look forward to releasing upon its approval early next year."

VANOC's latest quarterly report outlines that venue construction is proceeding on budget and on schedule and sponsorship revenue has exceeded expectations for the year. The quarterly report, available at, includes unaudited interim financial statements for the three months ended October 31, 2006.

VANOC's revenue (deferred operating revenue) from sponsorship, the International Olympic Committee and other sources for the quarter ending October 31, 2006 was $50.1 million while expenses (deferred operating expenditures) were $16.1 million. Overall revenue since VANOC was formed in 2003 totals $86.7 million while expenses total $92.8 million. In accordance with Canadian generally accepted accounting principles, all revenues and expenses are deferred prior to Games time.

VANOC's venue development expenditures for the quarter were $46.5 million and now total $182.4 million since venue construction started.

VANOC's next quarterly report, covering the three months ending January 31, 2007 will be available in March, 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.

Vancouver 2010 - Year in Review

Venue construction - on time and on budget

VANOC's $580 million venue construction budget was confirmed and fully funded by the Government of Canada and the Province of BC while a healthy contingency of $66.8 million was established. In November 2006, the Cypress freestyle venue became the first to be competition-ready, more than three years in advance of the Games. VANOC continued to identify creative reductions in scope and cost through an agreement to hold the Olympic ice hockey tournament on North American size ice and to move Paralympic ice sledge hockey and wheelchair curling competitions to Vancouver following Whistler's decision to forgo the building of a new arena.

Sponsorship and marketing

VANOC's national sponsorship and marketing program continued to gain significant momentum in 2006, surpassing projections by raising over $115 million in sponsorship revenue. VANOC also welcomed nine new Canadian companies, including five from BC, to its Official Licensee Program in 2006, bringing the overall total to 10.

Torino 2006 experience

VANOC's team and its partners gained valuable experience during the Torino 2006 Winter Games, participating in 40 observer tours produced by the IOC and Torino Organizing Committee with the goal of gaining knowledge in all Games functional areas. The experience gained by VANOC at the Torino 2006 Winter Games assisted all functional areas of the Organizing Committee in intense preparations for the updated business plan.

Own the Podium 2010

Elite Canadian winter sport athletes achieved unprecedented success in 2006, highlighted by the best-ever results for a Canadian team at an Olympic and Paralympic Winter Games in Torino. The momentum has carried into this winter sports season resulting in 66 World Cup medals to date.

Canada's Games

National awareness levels of the 2010 Winter Games increased from 69 per cent in 2005 to 83 per cent in large part due to the efforts and activities of VANOC and its many partners. Through national tours and public events, VANOC visited all Canadian provinces in 2006 and will visit the 3 territories in January 2007. VANOC's team also participated in more than 200 public speaking events across Canada while is receiving approximately 800,000 page views per month.

Paralympic Games

The dynamic new official emblem of the Vancouver 2010 Paralympic Winter Games was unveiled before a crowd of thousands in Whistler during a Paralympic celebration in September. VANOC also updated its concept for the 2010 Paralympic Winter Games which is now based on "small town spirit, big city facilities and world class exposure" in Vancouver and Whistler.

VANOC Board of Directors

At the annual general meeting of the members of the VANOC Board in November, 19 directors were confirmed and appointed Jack Poole as the 20th director, re-electing him as chairman. The directors were appointed for a term that will take them through to the 2010 annual general meeting following the 2010 Winter Games. VANOC welcomed new members Peter Brown, Jacques Gauthier, Carol Stephenson, Jeff Mooney and Beckie Scott while thanking outgoing members France Chrétien-Desmarais, Peter Dhillon, Tony Tennessy, Marion Lay and Catriona Le May Doan for their dedication and contributions to the 2010 Winter Games.

Other 2006 Milestones

- Vancouver Mayor Sam Sullivan and Whistler Mayor Ken Melamed received Olympic and Paralympic flags as part of VANOC's participation during the Torino 2006 Olympic and Paralympic closing ceremonies

- raised Olympic and Paralympic flags at Vancouver City Hall and Whistler Village

- commenced quarterly reporting to increase transparency and accountability

- signed historic francophone collaboration protocol with the Federation des francophones de la Colombie-Britannique and the Fondation canadienne pour le dialogue des cultures

- welcomed the IOC and delegates from the Organizing Committees of Torino 2006, Beijing 2008, Vancouver 2010 and London 2012 as well as the 2014 Games Candidate Cities, along with many other representatives from the Olympic Family for five days of knowledge-transfer sessions in Vancouver at the official Torino 2006 debriefing

- presented updated business plan to the VANOC Board in mid-November

- VANOC employee team grew to 298 and moved into its new headquarters, known as Campus 2010

- re-launched

2007 Look Ahead

Three-year countdown events

VANOC and its partners are planning a number of exciting milestone events in February and March 2007 to celebrate the three-year countdown to the 2010 Olympic and Paralympic Winter Games. Details will be announced early in 2007.

Sponsorship and marketing

VANOC expects to conclude and announce approximately 5 new sponsorship agreements in the first quarter of 2007. The Licensing and Merchandise program will also continue to grow and VANOC anticipates announcing at least seven new licensees early next year.

VANOC business plan

VANOC anticipates a final approval and public release of the updated business plan in early 2007. After the Torino 2006 Winter Games, VANOC undertook a comprehensive review of its entire operations and updated its draft business plan. The ongoing partner reviews and discussions of the business plan and its planned release in early 2007 are consistent with standard procedures for an Organizing Committee three years in advance of the Games.

Completion of seven venues

VANOC anticipates completing seven venues in 2007, including the Whistler Nordic competition venue (biathlon, ski jump and cross-country), the Whistler sliding centre, Cypress snowboard venue, Whistler alpine venue and Hastings park skating venue.

Other anticipated 2007 milestones

- completion of preliminary operations plan

- develop, design and unveil Vancouver 2010 mascot(s)

- IOC Coordination Commission (March and Sept)

- refined development of ticketing plan

- VANOC anticipates adding approximately in 250 employees in 2007

- finalization of the 2010 Winter Games Sport Program, test event schedule and preparation for the first official training events to be held in the spring of 2007

- public release of VANOC's first annual sustainability report

- release a series of Winter Games legacy reports for Lake Placid 1980, Calgary 1988, Salt Lake 2002 and a report on projected legacies for Vancouver 2010

- continue to engage Canada as part of VANOC's mission to touch the soul of the nation

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.

VANOC Communications

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