Friday 11 December 2015

QVM Annual Report Released For First Time

Following a decision by City Council earlier this year, a draft of the annual report of Queen Victoria market Pty. Ltd. has been publicly released and details are available on the CoM website. (click here)

The annual report gives a comprehensive rundown of the significant achievements in 2014/15 including items like –
1. The Therry St. market.
2. The Melbourne BBQ Festival.
3. The Social Kitchen.
4. Special conferences and tourism delegations.
5. Recommendations from international markets expert, David O’Neil.
6. Increased web and social media traffic.
7. New branding.
8. 1-2-1 trader engagement sessions.
9. Strategic Brief and Master Plan documentation.
10. Queen St. food and entertainment events.
11. Night market attendances.

Some point of interest from the report include –
1. Total revenue of $23,314,139 producing an after tax profit of $364,272.
2. Expenditure on advertising, marketing and entertainment of $1,547,070.
3. An expense item listed as Intercompany MCC of $4,723,863 which we assume is the annual return to City Council.
4. At 30th June 2015 there were 691 trader numbers including 537 stallholders and 154 leases for shops and box hire companies. It was noted that these figures have been reasonably steady since 2011 and that there was a 15% trader turnover in 2015 which was slightly lower than previous years.
5. QVM core staff numbered 38 and 10 part-timers.

Have Your Say – click here.

14/12/2015 19:52:13 QVM annual report " "Item3. An expense item listed as Intercompany MCC of $4,723,863 which we assume is the annual return to City Council."
This is pure profit.  Not an expense.
It would be fairer to express it as a dividend or fee or whatever, but not an expense. How is it calculated?  Is it a percentage of revenue ?
Perhaps it has a bit in common with the exorbitant fees charged by 7-Eleven management to the hard working, poorly remunerated franchisees.  ( read stall and lease holders)
Add it to the stated "" profit "" of $ 364,272 and the total is
$ 1,913,342 profit after expenses on revenue of $ 23,314,139
Nice work if you get it. 
Again , how is intercompany MCC  calculated?" Realist
Thanks for your feedback Realist - Ed.
15/12/2015 17:32:57 QVM acounts "Maths not my strong point - fee to MCC is 4.7M
add back profit and that is nearly $ 5m on revenue of 23M

OUCH for traders" Realist