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Vancouver Winter Games 2010 - 21. December 2007.

VANOC ends 2007 on track and ready for operational phase in 2008

The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) today released its report for the first quarter of the fiscal year which includes a management discussion and analysis and interim financial statements for the first quarter, ended October 31, 2007. The report also includes a look ahead to initiatives planned for 2008. VANOC’s quarterly report is available at www.vancouver2010.com

VANOC’s deferred operating revenue from sponsorship, the International Olympic Committee (IOC) and other sources for the quarter ending October 31, 2007 was $6.7 million. Deferred operating expenditures were $6.4 million, reflecting expenses of $25.7 million offset by a foreign exchange gain of $19.3 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 $63.3 million and now total $427.9 million on a project to date basis.

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