AR2005 MAIN.Indd

05 ANNUAL REPORT 2005 HRI ANNUAL REPORT 2005 HRI ANNUAL 05 HORSE RACING IRELAND ANNUAL REPORT 2005 02 CONTENTS 04 MISSION STATEMENT 06 BOARD MEMBERS, CEO AND COMMITTEES OF HRI 08 CHAIRMAN’S REPORT 10 CHIEF EXECUTIVE’S REPORT 12 FINANCE REVIEW 14 MARKETING REVIEW 15 TOTE REVIEW 16 HRI RACECOURSE DIVISION 18 IRISH THOROUGHBRED MARKETING 19 AUDITED REPORTS & GROUP FINANCIAL STATEMENT 47 PHOTOGRAPHY DETAILS ▼ 03 MISSION STATEMENT To develop and promote Ireland as a world centre of excellence for horse racing and breeding. In identifying its mission for the next five years, Horse Racing Ireland (HRI) has placed emphasis on Ireland’s position in both the international horse racing and breeding industries and the quality of the product being offered to the racegoing public. The continuity of funding necessary to develop strategies to achieve the mission is the key element of the Plan. The claim to be a world centre of excellence is a realistic one and the benefits of the strategies pursued to achieve the mission will be reflected in the economic, cultural and social environment of the country. HRI ANNUAL REPORT 2005 HRI ANNUAL This mission gives expression to the values and sense of purpose of the organisation. 05 04 ▼ 05 BOARD MEMBERS & CEO OF HRI HRI ANNUAL REPORT 2005 HRI ANNUAL BRIAN KAVANAGH FRANCIS HYLAND WILLIAM FLOOD JERRY DESMOND JOHN KIDD CAHIR O’SULLIVAN DERMOT CANTILLON DENIS BROSNAN HRI BOARD MEMBERS & SUBSIDIARY BOARDS IRISH THOROUGHBRED MARKETING LIMITED 05 & HRI APPOINTEES TO OTHER BOARDS Dick O’Sullivan Chairman John Clarke Joe Foley Denis Brosnan Chairman Mick Halford John Kidd Pierce Molony Vice Chairman Jim Mernagh David O’Loughlin Racing Regulatory Body representative Michael O’Rourke Joe Osborne Dermot Cantillon Racehorse Breeders representative Noel Cloake Representative of persons employed in TOTE IRELAND LIMITED the horse racing industry Dermot Cantillon Chairman Jerry Desmond Racecourses representative Alan Byrne Brian Kavanagh Eamon McElroy Donal O’Mahony William Flood Racing Regulatory Body representative Paul Tansey Frank Ward Jessica Harrington Racehorse Trainers representative Francis Hyland Authorised Bookmakers representative CILCOONE LIMITED John Kidd Representative of Persons in the horse Joe Walsh Michael Lane racing industry in Northern Ireland Dan Kirwan Representative of persons employed IRISH EQUINE CENTRE directly in the horse racing industry Dermot Cantillon John Kidd John Moloney Racing Regulatory Body representative Michael Sadlier Cahir O’Sullivan Racing Regulatory Body representative LIMERICK RACECOURSE John Power Racehorse Owners representative Jerry Desmond Bob Lanigan Nicholas Wachman Racing Regulatory Body representative Seamus Mulvaney Authorised Bookmakers representative PUNCHESTOWN RACECOURSE Retired 18 December 2005 (not pictured) Raymond Horan Roy Craigie Frank Clarke Racing Regulatory Body representative Dick O’Sullivan Nyall Speirs Retired 18 December 2005 (not pictured) Eddie Browne Representative of persons employed in RACE the horse racing industry Margaret Davin Dan Kirwan Retired 18 December 2005 (not pictured) David Wright 06 PIERCE MOLONY JOHN MOLONEY JOHN POWER NICHOLAS WACHMAN DAN KIRWAN JESSICA HARRINGTON NOEL CLOAKE ▼ IRISH THOROUGHBRED MARKETING LIMITED APPOINTMENTS & FINANCE COMMITTEE MEDIA RIGHTS Dick O’Sullivan Chairman REMUNERATION COMMITTEE Denis Brosnan COMMITTEE John Clarke Joe Foley Denis Brosnan Chairman Jerry Desmond Mick Halford John Kidd Chairman Jerry Desmond Chairman Jim Mernagh David O’Loughlin Pierce Molony Brian Kavanagh Pierce Molony Michael O’Rourke Joe Osborne Pierce Moloney John Power AUDIT COMMITTEE John Power TOTE IRELAND LIMITED Nicholas Wachman Cahir O’Sullivan NAVAN Dermot Cantillon Chairman Chairman COMMITTEE Alan Byrne Brian Kavanagh Francis Hyland FIXTURES COMMITTEE William Flood Eamon McElroy Donal O’Mahony Dan Kirwan Cahir O’Sullivan Chairman Paul Tansey Frank Ward Liam Madden Chairman Finbar Cahill Jerry Desmond Eddie Campbell CILCOONE LIMITED BOOKMAKERS COMMITTEE William Flood Noel Cloake Joe Walsh Michael Lane John Moloney Jessica Harrington Liam Madden Chairman Francis Hyland Pat Martin IRISH EQUINE CENTRE Roy Craigie John Moloney Donal Matthews Dermot Cantillon John Kidd Raymond Horan John Power Vincent O’Reilly Michael Sadlier Jimmy Owens FOAL LEVY COMMITTEE LEOPARDSTOWN LIMERICK RACECOURSE John Moloney COMMITTEE PROGRAMMES Jerry Desmond Bob Lanigan Chairman Ged Pierse COMMITTEE John Clarke Chairman Cahir O’Sullivan PUNCHESTOWN RACECOURSE Brian Grassick Finbar Cahill Chairman Raymond Horan Roy Craigie Joe Hernon Jimmy Farrelly Dermot Cantillon Dick O’Sullivan Nyall Speirs Edmund Loder Eithne Fitzpatrick Jerry Desmond Gerry Magee Dan Kirwan William Flood RACE Bridie O’Neill Gerry Magee Jessica Harrington Margaret Davin Dan Kirwan Tim O’Regan John Oxx Francis Hyland David Wright Albert Sherwood Tom Taaffe John Power 07 CHAIRMAN’S REPORT 2005 saw many significant developments approximately 16,500 people and generates under the Capital Development Fund for Irish significant economic activity. For example, the Racecourses which had been launched in Galway festival is estimated to be worth €60 November 2004 by the Minister for Arts, Sports million to its local economy and Punchestown and Tourism, Mr. John O’Donoghue TD. The is worth over €40 million. This contribution Fund will provide for up to €200 million capital to Irish society has been widely recognised development in Irish Racecourses over a 5-year and indeed, the introduction of the Horse and period, with Horse Racing Ireland providing Greyhound Racing Fund, and its renewal in 2004, €110 million and the balance to be provided by received all-party support. This support has led the Racecourses. Galway Racecourse announced to the development of a sport and an industry a €22 million development plan which will that is the envy of the world. involve the demolition of the existing West Stand and the construction of a new grandstand Our racing achievements in 2005 surpassed all facility in time for the 2007 festival. Galway previous years with many commentators now is the jewel in the crown of Irish racing, calling this ‘A Golden Age’ of Irish racing. Ireland consistently recording record attendance and is universally recognised as “the home of the betting figures. This new grandstand and horse” and due to climate, soil and industry development will further enhance facilities for structures we have a tradition for breeding HRI ANNUAL REPORT 2005 HRI ANNUAL its loyal public. top quality racehorses that are strong in bone and retain their ability over a number of years. Horse Racing Ireland also approved the Remarkably for a country of our size, Ireland is development of Ireland’s first all-weather now the third largest producer of thoroughbreds 05 racetrack, to be built at Dundalk. HRI will in the world, accounting for 42% of total EU provide over €10 million in grant aid for the output. project, which will be completed in 2007. This new racetrack will make history on a number Mr. Brian Cowen TD, Minister for Finance made a of fronts. It will be Ireland’s first all-weather number of important announcements in his 2005 track, our first floodlit racetrack and the first budget speech which will have a direct bearing combined horse and greyhound racing facility. on the future of Irish racing. It was revealed that This is an ambitious project which will be a the Stallion Tax Exemption would end on 31st wonderful sporting and social asset for Dundalk, July 2008. This exemption has supported the the North East and the entire border region. development of a thriving Thoroughbred breeding industry in Ireland and the Indecon Report Killarney racecourse was also approved for grant commissioned by Horse Racing Ireland, The Irish aid towards its €1.7 million re-development of Thoroughbred Breeders Association and The Irish the weigh-room and other facilities, which will European Breeders Fund, demonstrated that the be ready for the 2006 season. New facilities breeding sector is a significant net contributor to were opened at Ballinrobe racecourse which has the Irish economy. undergone a transformation in recent years, while retaining its relaxed and friendly atmosphere. Significantly the Minister also announced that his Department would work with the industry to It was fitting that all of these capital devise a new regime which will enable our success development plans were launched by John to continue. Horse Racing Ireland will participate O’Donoghue TD, Minister for Arts, Sports and fully with that exercise. Tourism. The Minister and his Government have, through the Horse and Greyhound Racing Our Thoroughbred industry is the envy of the Fund, provided the basis for proper planning World and Irish horse racing provides us with our in all areas of the racing industry. Successive most consistently successful international sport. Governments have recognised the importance of Horse Racing Ireland’s mission statement is to horse racing and breeding to the economic and develop and promote Ireland as a world centre sporting life of the Country. The industry employs of excellence for horse racing and breeding and 08 we encourage all political parties and all sectors also supported in a way that no other racing of the industry to ensure that future policy jurisdiction can boast by the knowledge and decisions advance this mission rather than hinder passion for the sport which is evident in it or give advantage to our competitors. Minister John O’Donoghue and many other members of Government. A high

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