Jump to content
Sign in to follow this  
lonewolf

2XU Compression Run 2019 - 07 Apr (Sun)

Recommended Posts

Any accountant runners here?

29 minutes ago, beast said:

They definitely made a profit. The registration fees collected probably used as cash flow somewhere else, either pay previous debts, make deposits/down payments or other investments. 

The brand name  has been damaged so it will take a lot of efforts to rebuild that back even assuming Key Power Sports wants to do it again next year.

Regarding the route, unfortunately and sadly a run with massive scale will be ideal in the city area. Not only is it most accessible to all runners, but closures of roads and routes can be easily and better managed compared to the heartlands like Punggol as the office crowds will not visit there during weekends. 

"They definitely made a profit. The registration fees collected probably used as cash flow somewhere else, either pay previous debts, make deposits/down payments or other investments. "

Can estimate some details on the above?

KPS In:

       15k+ runners, total registration fee collected is ~1 million

KPS Out:

       15k+ runners singlet and Tee   $??? Paid

        Hire PA   $???    Paid

        Hire photographer  $???    Paid or Unpaid

        Hire racetime to provide result  $???   Unpaid

I guess the last item is quite significant,  and dragging happened.

Share this post


Link to post
Share on other sites
On 4/23/2019 at 4:12 PM, ZZIZZ said:

Definitely they are ruining their own reputation... Our race result? Who cares! There are plenty of races held per year, we have tons of choices... ?

True... but there are many many many sheeps and people with goldfish memory as well...

look at yolo run... lol

Share this post


Link to post
Share on other sites
56 minutes ago, Haibei1971 said:

Any accountant runners here?

"They definitely made a profit. The registration fees collected probably used as cash flow somewhere else, either pay previous debts, make deposits/down payments or other investments. "

Can estimate some details on the above?

KPS In:

       15k+ runners, total registration fee collected is ~1 million

KPS Out:

       15k+ runners singlet and Tee   $??? Paid

        Hire PA   $???    Paid

        Hire photographer  $???    Paid or Unpaid

        Hire racetime to provide result  $???   Unpaid

I guess the last item is quite significant,  and dragging happened.

How do you know which is paid and which is unpaid? 

Singlet and Tee might have been delivered from down payment, but not paid in full, and they might be under PA event management fees, which may or may not have paid in full as well.

No point in speculating how much profit they are making. This won't make the results release faster, if that's the aim.

 If you still want to know a rough estimate of profits, you can find audited reports online.

 

Share this post


Link to post
Share on other sites

from my observations of the novena velocity key power store, they have downsized the store space and still not many customers. I doubt that collectively their stores are profitable. Not sure what other business they have. Personally I also think not likely there will be another 2XU run - at least not under key power anyway. 

Share this post


Link to post
Share on other sites
Posted (edited)

If you want an estimate of the cost involved in hosting a race and whether a race like 2XU can be profitable or not, take a look at Race Against Cancer audited statement of accounts. 

SOURCE: SINGTEL-SINGAPORE CANCER SOCIETY RACE AGAINST CANCER (RAC) AUDITED REPORT

From the 2018 accounts, the registration fee collected was $247.805. Total expenditure was $274,073.

So the registration fee alone did not cover the expenditure. Of cos with the generous donation from Singtel and other corporate sponsors, the race still turns a profit for Singapore Cancer Society (over 850K)Of interest is that Event Management makes up almost 76% of the total expenditure. 

Want to know what is included in the scope of the Event Management? Read the following RFP document for the 2017 race.

rfp-rac-2017-event-management.pdf

Granted that the scale of both events, the location and the logistics for both events are different but it does provide a good general idea of what has to be spent to host a mass running event. eg. you probably need to spend more on F1 pit building, more barriers needed, more Aetos personnel to help direct traffic, more volunteers etc

Edited by lonewolf

Share this post


Link to post
Share on other sites
1 hour ago, lonewolf said:

If you want an estimate of the cost involved in hosting a race and whether a race like 2XU can be profitable or not, take a look at Race Against Cancer audited statement of accounts. 

SOURCE: [url=http://raceagainstcancer.org.sg/rac-audited-report---2019-race-against-cancer.html]SINGTEL-SINGAPORE CANCER SOCIETY RACE AGAINST CANCER (RAC) AUDITED REPORT[/url]

From the 2018 accounts, the registration fee collected was $247.805. Total expenditure was $274,073.

So the registration fee alone did cover the expenditure. Of cos with the generous donation from Singtel and other corporate sponsors, the race still turns a profit for Singapore Cancer Society (over 850K)Of interest is that Event Management makes up almost 76% of the total expenditure. 

Want to know what is included in the scope of the Event Management? Read the following RFP document for the 2017 race.

rfp-rac-2017-event-management.pdf

Granted that the scale of both events, the location and the logistics for both events are different but it does provide a good general idea of what has to be spent to host a mass running event. eg. you probably need to spend more on F1 pit building, more barriers needed, more aetos personnel to help direct traffic, more volunteers etc

I think you have a typo? Registration fee did not cover total expenditure?

Share this post


Link to post
Share on other sites
29 minutes ago, sicklycat said:

I think you have a typo? Registration fee did not cover total expenditure?

Yes corrected. Common mistake. :blush:

Share this post


Link to post
Share on other sites

I don't see many customers at their various outlets, though I can't say they are not making profit base on such appearance. Can only say they have downsized, especially their shop at Novena Square.

If F1 Pit is expensive, host at other areas such as The Meadow at Garden By The Bay? Perhaps it is cheaper? Can just re-design the routes.  You don't need a big location like F1 Pit if you are not going to have lots of post-race activities. 

For me, ultimately I just want to run a HM and end of the day get the 2XU entitlements.

Share this post


Link to post
Share on other sites
 
 
 
2 hours ago, lonewolf said:

If you want an estimate of the cost involved in hosting a race and whether a race like 2XU can be profitable or not, take a look at Race Against Cancer audited statement of accounts. 

SOURCE: [url=http://raceagainstcancer.org.sg/rac-audited-report---2019-race-against-cancer.html]SINGTEL-SINGAPORE CANCER SOCIETY RACE AGAINST CANCER (RAC) AUDITED REPORT[/url]

From the 2018 accounts, the registration fee collected was $247.805. Total expenditure was $274,073.

So the registration fee alone did not cover the expenditure. Of cos with the generous donation from Singtel and other corporate sponsors, the race still turns a profit for Singapore Cancer Society (over 850K)Of interest is that Event Management makes up almost 76% of the total expenditure. 

I hope Terry Fox Run doesn't need such high expenditure to organize.  It is at exactly the same location and routes as singtel cancer run. Though TFR does not give out medals, little entitlements, no security presence and not much race photos,  more than 80% of registration fees go to cancer research. 

Share this post


Link to post
Share on other sites

Lonewolf, your info looks very insightful...?

Do you think all running events here should publish similar auditor report?

Any findings on 2XU compression run auditor report?

 

Share this post


Link to post
Share on other sites
5 minutes ago, Haibei1971 said:

Lonewolf, your info looks very insightful...?

Do you think all running events here should publish similar auditor report?

Any findings on 2XU compression run auditor report?

 

Personally, I do not think that commercial running events like 2XU, Income Eco Run, Sundown Marathon etc need to do so. So of cos we are unlikely to see a similar report for the 2XU compression run. 

But certainly, all charity runs like TFR, RAC should publish these reports for transparency.

eg. take TFR. They claim 100% of proceeds go to cancer research as it is a volunteer-organised with no budget for expenses. That's well and good but when there are money involved, surely an accounting needs to be done and it would be good if they can release a statement of account. 

 

Share this post


Link to post
Share on other sites

The slowest race result release podium"winner" and record holder in SG Runner's World history !

Almost Three Weeks, Still No hostages release due to unpaid Ransom !

Everything is Online now...

Offline Run becomes Online Run (aka Virtual Run)...

 

One of the reason could be "Many offline retailers including big/branded sport suppliers declining slowly and diminished and started gave way to new trend of Online Shopping ..."

Share this post


Link to post
Share on other sites
On 4/26/2019 at 11:48 PM, sicklycat said:

Yeah! Finally!

But its strange - my timing is a full minute longer than that tracked on my hp. Usually its not that different. Did anyone else notice the same?

nope... mine is spot on as compared to my watch...

Share this post


Link to post
Share on other sites
On 4/28/2019 at 1:37 PM, AutumnRunner said:

nope... mine is spot on as compared to my watch...

Thanks for confirming! :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...