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HORSE RACING IRELAND ANNUAL REPORT 2009 9 HRI ANNUAL REPORT 200 09 HORSE RACING IRELAND ANNUAL REPORT 2009 09 01 9 HRI ANNUAL REPORT 200 09 02 CONTENTS 04 MISSION STATEMENT 06 CEO, BOARD MEMBERS & COMMITTEES OF HRI 08 CHAIRMAN’S REPORT 10 CHIEF EXECUTIVE’S REPORT 12 FINANCE REVIEW 14 MARKETING REVIEW 15 TOTE REVIEW 16 HRI RACECOURSES 18 IRISH THOROUGHBRED MARKETING REVIEW 19 2009 RACING REVIEW 23 AUDITED GROUP FINANCIAL STATEMENTS 53 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 statement, 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. 9 The continuity of funding necessary to develop strategies to achieve the mission is the key element of the HRI Strategic 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 200 This mission gives expression to the values and sense of purpose of the organisation. 09 04 ▼ 05 CEO, BOARD MEMBERS & COMMITTEES OF HRI 9 HRI ANNUAL REPORT 200 BRIAN KAVANAGH FRANCIS HYLAND MICHAEL DOYLE JOHN McSTAY MICHAEL MURPHY WILLIAM FLOOD DENIS BROSNAN 09 SCHEDULE OF HRI BOARD MEMBERS APPOINTMENTS & REMUNERATION COMMITTEE & SUBSIDIARY BOARDS & HRI APPOINTEES Denis Brosnan Chairman TO OTHER BOARDS John Power Roddy Ryan Denis Brosnan Chairman AUDIT COMMITTEE John McStay Vice Chairman Jim Nicholson Chairman Racing Regulatory Body Francis Hyland Bernard Caldwell Representative of persons employed Liam Madden directly in the industry Mary O’Connor Noel Cloake Representative of persons employed BOOKMAKERS COMMITTEE in the industry John Moloney Chairman Bernard Caldwell Michael Doyle Racing Regulatory Body representative Raymond Horan William Flood Racing Regulatory Body representative Mary O’Connor Joe Hernon Breeders representative FAIRYHOUSE COMMITTEE Pat Byrne Chairman Francis Hyland On-course Bookmakers representative George Mernagh Noel Meade Trainers representative Michael J Murphy Noel Meade Michael Murphy Racecourses representative Bernard Caldwell Eamon Duignan Jim Nicholson Representative of persons in the Joe Keeling industry in Northern Ireland Dara Mullen Mary O’Connor Racing Regulatory Body representative FINANCE COMMITTEE John Power Owners representative Denis Brosnan Chairman Roddy Ryan Racing Regulatory Body representative John McStay John Power Roddy Ryan Michael Murphy Brian Kavanagh 06 NOEL MEADE JOE HERNON JOHN POWER BERNARD CALDWELL RODDY RYAN MARY O’CONNOR NOEL CLOAKE JIM NICHOLSON ▼ FOAL LEVY COMMITTEE Peter Molony TOTE IRELAND Michael Murphy Chairman Joe Foley COMMITTEE Bernard Caldwell Noel Meade Jim Nicholson Chairman Roddy Ryan John Osborne Brian Kavanagh Joe Shorthall Pat Garvey Tim O’Regan LEOPARDSTOWN COMMITTEE Pat Kenny Joe Foley Dave McGrath Chairman Pat Keogh Ignatius Geraghty Gerry Magee Edmund Loder Tom Taaffe HRI NOMINATIONS / William Flood John Oxx APPOINTMENTS Liam Madden FIXTURES COMMITTEE David Allman CORK John McStay Chairman Hilary Gormley Joe Walsh Chairman Noel Cloake Mary O’Connor Raymond Horan Michael Murphy MEDIA RIGHTS COMMITTEE Michael Doyle Michael Murphy Chairman DUNDALK Noel Meade Mary O’Connor Phil Furlong Sue Phelan John Power Ciaran Kennelly John Power NAVAN COMMITTEE IRISH EQUINE CENTRE HRI RACECOURSES BOARD William Flood Chairman Joe Hernon Denis Brosnan Chairman Noel Cloake Margaret Davin William Flood Janet Williamson Marcus Swail Joe Walsh Michael Cunningham Pat Byrne Jimmy Owens PUNCHESTOWN Dave McGrath Donal Matthews David Mongey Chairman Brian Kavanagh Sandy Persse Tim Hyde PROGRAMMES COMMITTEE Dick O’Sullivan John McStay Chairman Nyall Speirs ITM COMMITTEE Noel Cloake Joe Hernon Chairman Joe Hernon RACE Joe Osborne Michael Murphy Bernard Caldwell David O’Loughlin Noel Meade Margaret Davin Janet Williamson William Flood David Wright Jim Martin John Power 07 CHAIRMAN’S REPORT I am pleased to present the 2009 Annual Report The Dukes Report published in 2009 emphasised the for Horse Racing Ireland. The accounts and scale and importance of this industry for the Irish associated notes reflect a year in which the full economy, with a gross value in excess of €1.1 billion per impact of the recession was felt throughout the annum and almost 16,000 jobs distributed across every thoroughbred racing and breeding industry. All the county in Ireland. key measures of performance declined by significant percentages ranging from attendances through This economic impact is well understood by the on-course betting, prize money, ownership and Government and happily they are working with us on bloodstock sales. Sales have now fallen from €179 solutions for the funding of the industry. All parties 9 million in 2007 to €67.5 million in 2009. This will have are determined to restore a proper basis for long-term significant effects on economic life and employment planning and development to restore and grow the in rural Ireland and sets back a previously thriving economic contribution of the Industry to the rural export business, wherein over 6,000 horses annually economy and the agricultural sector. were exported to over 40 countries worldwide, with a value of more than €200 million. In presenting these accounts, I thank the Minister HRI ANNUAL REPORT 200 09 08 and his officials in the Department of Arts Sport and and a privilege to serve as Chairman of such a Tourism for their consistent support and advice. dedicated Board and Executive Team, whose talents I thank all of my colleagues on the Board of Horse and hard work will be needed to bring us through Racing Ireland and the Executive Team lead by Brian these difficult times and restore growth and vitality Kavanagh, along with those who have given to the sector. generously of their time and expertise on our subsidiary boards and committees. It is an honour Denis Brosnan ▼ 09 CHIEF EXECUTIVE’S REPORT The Irish Horse Racing Industry saw a further decline four of the top five were from Irish-bred sires. For an in the sector’s key performance indicators in 2009, as unprecedented 19 consecutive years, an Irish based the full effects of the recession hit home in all areas of stallion has been the leading sire in the world. Sea The the industry. While we had experienced the beginnings Stars emerged as the Champion of the World, a horse of a down-turn in 2008 with falls in bloodstock sales, that was sired, foaled, reared and trained in Kildare, attendances and on-course betting, we were still where he is now retired to stud, attracting mares from able to maintain record numbers of fixtures, races, the world’s top breeders to Ireland. runners and owners. All these factors declined in 2009, representing the most difficult year in Irish racing since We continue to be the largest producer of 9 the inception of HRI in 2001. thoroughbred foals in Europe and second only to America and Australia in the world. Prize money, which is a vital catalyst for economic activity in the industry, driving investment in The racecourse is the proving ground of the bloodstock and giving incentives to put horses thoroughbred and in 2009 Irish trainers, riders and into training, fell by 12% in 2009 to €52.9 million. horses continued their long winning streak. We Attendances at the 26 racecourses fell by 11% from achieved a remarkable nine winners at the Cheltenham 1.4 million to 1.2 million. The level of participation in Festival in March and on the flat we dominated the racing dropped for the first time in many years with a major European races. HRI ANNUAL REPORT 200 10% decline in the overall number of owners and most worryingly, a 28% reduction in the number of new Irish horses filled the first four places in the English owners. This fall in participation has knock-on effects 2,000 Guineas, the first five in the Epsom Derby, a throughout the business and we witnessed a decline one-two in the Coral Eclipse at the entire field of the in bloodstock sales at public auction of 32% to €67.5 Juddmonte International at York. Yeats won a record 09 million, representing 62% overall from sales of €179 breaking fourth Ascot Gold Cup. Sea the Stars topped million in 2007. off a remarkable series of six Group One race wins in the Prix de l’Arc de Triomphe and joined the ranks of the Ireland has built up an enviable reputation as one of greatest racehorses of all time. the best countries in the world in which to breed, own, train and sell thoroughbred horses and we will need Those successes are the result of many years of to work together to maintain that status in the face of investment and development, but we now face the growing competition from larger and well-resourced future with some trepidation given continuing threats racing nations. to funding for the Industry. That fall-off restricts our ability to plan and creates a danger that our best The Dukes Report which was published in 2009 horses and people will again move to other countries emphatically underlined the contribution of the which have secure long-term funding mechanisms Industry which amounts to €1.1 billion gross value linked to their betting industries. per annum. The 16,000 jobs in the industry are distributed across rural Ireland and this sustains a We are working closely with Government, unique indigenous skills base which attracts emphasising the fact that the Irish betting industry, foreign direct investment in the industry and opens which turned over €1 billion in 2002, generating up career opportunities for Irish horse people €68 million in duty, now turns over approx €4.5 throughout the world.