ANNUAL REPORT 2011 - Horse Racing Ireland

Payments made to Racecourses for various programmesdecreased by €0.3m or 17% to €1.5m in 2011. This wasprimarily due to the closure of schemes and a reduction inlevy and pitch fee payments to racecourses.Grants/Fees paid to Industry Bodies increased by €0.266mor 12% in 2011 to a total figure of €2.525m. The Irish EquineCentre received €1.344m in 2011, an increase in funding of€0.650m from 2010 and grants paid to racecourses reducedfrom €0.302m in 2010 to nil in 2011.Distributions made under the Foal Levy Scheme in 2011were €1.379m which was a reduction of €0.200m on theprevious year. The main third party beneficiaries in 2011 wereas in previous years, namely the Irish Equine Centre (€1m in2010 to €0.875m in 2011) and Irish Thoroughbred BreedersAssociation (€0.450m in 2010 to €0.410m in 2011). IrishThoroughbred Marketing was also a beneficiary and received€0.440m in 2011.Irish Thoroughbred Marketing expenditure has remainedunchanged year on year. General Marketing and Promotionalcosts increased by €0.338m or 22% from €1.527m in 2010to €1.865m in 2011. Marketing expenditure was higher in2011 due to the running of a TV campaign to get people to goracing. This TV campaign was not run in 2010.GROUP CASH FLOWGroup cash flow from operations amounted to an inflow of€10.278m. The net cash inflow from return on investmentsand servicing of finance amounted to €0.879m. Net cashoutflow from capital expenditure and financial investmentstotalled €0.304m. Group payments to acquire tangible fixedassets totalled €1.148m in the year. Net cash inflow beforefinancing totalled €10.853m for 2011. Group bank loanrepayments amounted to €2.223m in the year.Other expenditure reduced by €0.313m or 19% in 2011.There was little movement in the administration costs yearon year.Horse Racing Ireland Annual Report 2011 9