Mr. John Tuohey:

On behalf of Rásaíocht Con Éireann, Greyhound Racing Ireland, I thank the committee the opportunity to come before it today. I am the interim chief executive officer and chief financial officer of the board and I am accompanied by our chairperson, Mr. Nyhan, Mr. Fitzgerald, our veterinary director and Mr. Herbert, our director of regulation.

As set out in the invitation to attend, the accounts for examination before the committee today are the financial statements for Rásaíocht Con Éireann for the year ended 31 December 2021. It was a positive year for Rásaíocht Con Éireann from the greyhound racing perspective as a full racing calendar was completed consisting of 1,384 race meetings compared with 1,085 in 2020, accommodating 15,533 individual races in comparison with 11,651 in 2020.

Some 91,778 greyhounds were entered into these races. Covid-19 restrictions severely curtailed attendances. However, 158,029 patrons attended greyhound racing events in 2021, which was an increase from 2020, when the attendance was 126,376.

Financially, Rásaíocht Con Éireann operated prudently within budget with the aid of Government Covid-19 supports and careful cost management. The organisation is reporting an operating surplus before interest, depreciation and taxation for the year of €3.8 million, increasing from the €2.2 million surplus achieved in 2020. Food and beverage sales from stadia operated by our events and hospitality services division amounted to €0.9 million for 2021, generating a gross profit of €0.6 million. Tote turnover for the year was €7 million, with €1.7 million being received in international co-mingling income. The sale of media rights from race meetings generated €1.9 million in the year. Total prize money paid for the year was €8.1 million, increased from €6 million in 2020.

Care and welfare of greyhounds is the main priority of the board and expenditure in 2021 totalled €3.3 million, increasing from €3 million in 2020.

The defined benefit pension scheme, which is closed to new entrants, is now closed to future accrual. The net defined benefit liability at 31 December 2021 amounted to €568,000 and a funding plan has been agreed with the trustee to address this liability. Significant improvement has been achieved in addressing the working capital deficit, moving from a negative €1.4 million at 31 December 2020 to a positive €1.4 million at 31 December 2021.

I once again thank the Chair for the opportunity to come before the committee. We will endeavour to respond to all members' questions. However, if there is any additional information required arising from this meeting, we will be pleased to provide that information in a prompt manner.