ANNUAL REPORT & ACCOUNTS 2015 - Enterprise Ireland · PDF fileANNUAL REPORT & ACCOUNTS 2015 ... A number of Enterprise Ireland client companies are working in the growing market areas

ANNUAL REPORT& ACCOUNTS 2015

ANTICIPATE

To the Minister for Jobs, Enterprise and Innovation

In accordance with the Industrial Development (Enterprise Ireland) Act 1998, Enterprise Ireland herewith presents its report and accounts for the year ending 31 December, 2015.

Julie Sinnamon Terence O’Rourke

Chief Executive Officer Chairman

Front cover images top to bottom: 1. Stephen Kenealy and Bharat Sharma co-founders of Monsoon Consulting, Dublin, which worked with Enterprise Ireland’s potential exporters division and participated in the Lean Business programme during 2015. 2. Enterprise Ireland’s Knowledge Transfer Ireland portal, operated in partnership with the Irish Universities Association, is helping industry to identify experts, research centres, licensing opportunities and model contracts. 3. Bobby Healy Chief Technology Officer of Enterprise Ireland client company CarTrawler, the world’s largest B2B travel technology platform. 4. A number of Enterprise Ireland client companies are working in the growing market areas of augmented and virtual reality.

CONTENTS

2015 Highlights 2

Chairman’s Statement 4

CEO’s Foreword 6

What we do 8

Start 10

Innovate 12

Scale 14

Allocation of Funds and Cost Per Job 18

Funding and Investment 20

Corporate Governance 22

Membership of the Board and Committees 25

Financial Statements 31

Comptroller and Auditor General Report 31

Board Members’ Report 32

Statement on Internal Financial Control 33

Statement of Income and Expenditure 34

and Retained Revenue Reserves

Statement of Comprehensive Income 35

Statement of Financial Position 36

Statement of Cash Flows 37

Accounting Policies 38

Notes to the Financial Statements 42

Organisation Structure 69

Enterprise Ireland Office Network 72

3

2015 HIGHLIGHTS

2

EXPORTS SALES UP

ON 2014 LEVELS

ALL SECTORS SAW EXPORT

10%

SUPPORTING 300,000+ JOBS (DIRECT AND INDIRECT EMPLOYMENT)

OF WHICH

(52%) WERE EXPORTS10,169

OF NET NEW JOBS WERE CREATED OUTSIDE OF DUBLIN

64%

2015 HIGHLIGHTSEnterprise Ireland Client Companies

CURRENTLY EMPLOYED

192,223

NET NEW JOBS CREATED WHEN JOB LOSSES ARE TAKEN INTO ACCOUNT

300,000+ GROWTH

€39.3bn

€20.6bn

IN SALES BY CLIENT COMPANIES SPEND IN THE IRISH ECONOMY

€23.7bn

ON 2014 LEVELS

UP

3.9%

3

2015 HIGHLIGHTS

COMBINED SIZE OF FUNDS ESTABLISHED UNDER THE SEED AND VENTURE CAPITAL SCHEMES

OUR INVESTMENT IN STRENGTHENING LEADERSHIP CAPABILITY IN IRISH ENTERPRISE

TOTAL UNDER MANAGEMENT IN FUNDS ESTABLISHED UNDER THE DEVELOPMENT CAPITAL SCHEME

CLIENT COMPANIES ENGAGED IN SIGNIFICANT R&D PROJECTS OF ABOVE €100K SPEND PER ANNUM

OUR INVESTMENT IN COMMERCIALISING RESEARCH AND COLLABORATIVE R&D FOR INDUSTRY

134 €1.5bn

€25m

€490m

959

937

€72m

In addition to supporting Irish-owned businesses

• Enterprise Ireland attracted food-sector foreign direct investments to Ireland: winning greenfield projects from Edlong (USA) and Amazon Investments (Turkey) and a significant infant formula R&D expansion by Nestlé.

• Promoted Ireland as a destination for higher education and language studies globally through the Education in Ireland brand: Chinese student visa applications were up by 37% at the end of Q3. Ireland became the seventh most popular study-abroad destination for US students and the fourth most popular destination for Brazil’s Science Without Borders programme, with 1,077 Irish scholarships awarded, worth over €25m to 23 higher education institutes.

€100k +

€1m +

€100k +

€1m +

CLIENT COMPANIES ENGAGED IN SUBSTANTIALR&D PROJECTS OF ABOVE€1M SPEND PER ANNUM

CEOs AND MANAGERS PARTICIPATING IN ENTERPRISE IRELAND’S LEADERSHIP AND MANAGEMENT DEVELOPMENT PROGRAMMES

5

CHAIRMAN’S STATEMENT


4

Ambition, capability and commitment – backed by access to the right support, assistance and funding; the tools and training to hone leadership and management ability and the agility to flex the muscles of organisational competitiveness – this is what creates and enables great business leaders and entrepreneurs.

Add to this the right environment for businesses to flourish: an innovation ecosystem where companies and public-funded researchers work together; and key market interventions to harness the ambition, capability and commitment of under-represented groups such as women, the young, and overseas and regionally-based entrepreneurs.

Together these are the ingredients for an Irish-owned enterprise base that can start, scale and innovate to meet market needs and win in world markets, creating wealth and jobs at home. In a nutshell, they are the foundations of Enterprise Ireland’s strategy.

2015 was the second year of our three-year strategy for 2014 to 2016 – Driving

Enterprise, Delivering Jobs. By focusing resources on companies at three key intervention points – Start, Innovate and Scale – it is clearly delivering on what it promises.

Top-line performance indicators for the year include:

The highest level of full-time jobs created in what has been the best year for job creation in Enterprise Ireland’s history.

Exports up 10% on 2014 levels to €20.6bn, for the first time exceeding the €20bn mark – and almost double what they were ten years ago.

Congratulations are due particularly to our client companies – they have gone out to the market, made the sales and created the jobs.

Significant recognition is also due to the CEO of Enterprise Ireland, Julie Sinnamon and her executive team – for their vision and

leadership in shaping the crucial supports and interventions helping Irish businesses to start, innovate and scale – and to the staff of Enterprise Ireland for their commitment in delivering on the key achievements outlined in this report.

But what does success for Enterprise Ireland mean? In 2015, client companies spent €23.7bn in the national economy, creating and sustaining over 300,000 jobs, through direct and indirect employment. Over two-thirds of the new jobs created were outside Dublin, and 47% of new High-Potential Start-Ups supported were in the regions. Moreover, 62% of new start-ups supported through the Competitive Start Fund were in the regions.

To build on this momentum, delivering benefits to every part of Ireland, Enterprise Ireland supported the development of the Government’s eight detailed Regional Action Plans for Jobs in 2015. The 31 Local Enterprise Offices, working with Enterprise Ireland’s Centre for Excellence, are also playing an important role in this objective.

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Enterprise Ireland is committed to ‘joined-up’ enterprise thinking. Key Government strategies we helped to shape during 2015 included: the International Financial Services Strategy 2020; Innovation 2020; FoodWise 2025; the National Skills Strategy 2025 and Enterprise 2025. Furthermore, we supported the development of the 2016 Action Plan for Jobs, and we worked with the Design and Crafts Council of Ireland to deliver the Year of Irish Design, with a particular focus on helping to promote Irish design overseas and encouraging Irish SMEs to use design as a source of competitive advantage.

And in light of the UK’s vote to leave the EU, we were prepared with our outline plan, publishing our 5 Pillars of Enterprise Ireland Support - Information Guide for Irish Exporters to the UK on the same day that the result was announced.

On behalf of the board, I would like to express my appreciation to all the Government departments, state agencies, higher education institutes and industry groups that worked with Enterprise Ireland in 2015, to the all-island body, InterTradeIreland and to our counterparts in Northern Ireland, in particular, Invest Northern Ireland.

Finally, as Chairman, I would like to thank all members of the Board of Enterprise Ireland for their important role in working with Enterprise Ireland’s CEO and Executive Committee to shape strategy and ensure value for money and the maximum return on investment for public funds.

In particular, I would like to acknowledge the services of Bob Savage, who retired from the board during 2015/16, and to welcome Lisa Dillon, Dave Shanahan and David Walsh, who were appointed to the board in 2015.

Looking forward, there is every reason to be confident in our ability to meet new challenges based on the strengths of our agency, management and staff as demonstrated by our 2015 performance.


Terence O’RourkeChairmanEnterprise Ireland

Exports are up 10% on 2014 levels to €20.6bn, for the first time exceeding the €20bn mark – and almost double what they were ten years ago.

76

CEO FOREWORD

CEO FOREWORDAs CEO of Enterprise Ireland, I am proud to report record job creation and record export sales by our clients, with the lowest export losses and highest export gains in the history of the agency.

This outcome is as a result of slightly better market conditions compared to 2014 but is mainly due to our strategy in support of the Government’s Action Plan for Jobs.

We are supporting more entrepreneurs than ever before to compete globally and create high-value jobs, and we are working with them to maximise survival rates and fast-track success. Our targeted actions to promote entrepreneurship among under-represented groups are delivering results. We are not only pursuing this agenda because it is the right thing to do, but also to gain maximum benefits for Ireland. We must continue to support all those with the talent, passion and commitment to start and lead successful businesses – regardless of whether they are men or women, experienced or starting out, living in or outside cities, part of our diaspora or internationally mobile.

We are supporting innovation journeys, from companies taking their first steps to those building significant in-house R&D capabilities or collaborating internationally to solve major societal challenges and drive business growth. In 2014-15, we piloted a new programme, Innovation4Growth, to equip managers with the skills and tools to manage innovation in their companies. We are also working with the higher education system to provide access to facilities and expertise – for example through our funding of Technology Centres – and building entrepreneurial awareness among public-funded researchers.

We also need more Irish-owned companies of scale. To help achieve this, we are delivering leadership and management programmes, supporting innovation and competitiveness, co-funding expansion through direct support and investment, and helping unlock growth opportunities through our teams in Ireland and overseas.

International outlook

Despite weak global growth and the impact of internationally low dairy prices, Enterprise Ireland clients grew exports by 10%, demonstrating their resilience and ability to out-perform international competitors.

Exports by client companies to North America, the Eurozone and the Middle East have increased in recent years. Moreover, the refocusing of economies by China and some of the Gulf nations plays to Ireland’s strengths in areas such as software and services.

In 2015, clients reaped the benefits of a strong US dollar and UK sterling, with US and UK sales up 27 and 12 per cent, respectively.

There are, however, new challenges facing us. The UK vote to leave the EU has resulted in a weakening of sterling.

7

Volatility is expected at least in the short term. For Ireland, the ease of trading with the United Kingdom into the future will be influenced by the outcome of negotiations on the UK’s post-secession trade relationship with the EU.

While the UK exit from the EU will pose challenges for our clients exporting to the UK, we have acted immediately, implementing plans to help these companies maintain their presence and diversify into other international markets.

In an increasingly volatile world, we are developing foresight strategies to help our clients anticipate trends, and our Lean business programme is equipping businesses with the competiveness, productivity tools and agility to respond to changing market dynamics.

ResourcingI would like to thank all the staff of Enterprise Ireland for their hard work and crucial contributions to our clients’ success. In 2015, we continued to lose a number of key personnel under the Voluntary Leaving Programme. However, targeted open recruitment and promotions recommenced for the first time since the embargo of 2009. This welcome development is enabling us to bring new skills and expertise into the organisation to meet client needs and provide career progression for existing staff.

Finally, I would like to thank the Chairman and Board of Enterprise Ireland for their vital inputs in strategy development and corporate governance. In 2016, we will work together to shape strategy until the end of the decade and to roll out new ways of working with clients that focus resources on maximum return for Ireland’s economy.

Julie SinnamonChief Executive OfficerEnterprise Ireland

CEO FOREWORD

There are, however, new challenges facing us. The UK vote to leave the EU has resulted in a weakening of sterling.

WHAT WE DO

Enterprise Ireland is the Government agency responsible for the development and growth of Irish enterprises in world markets. We work in partnership with Irish enterprises to help them start, innovate and scale and win export sales in global markets. In this way, we support sustainable economic growth, regional development and secure employment.

Supporting Irish businesses, through

ADVICE ON STRATEGY, ORGANISATIONAL STRUCTURE AND BUSINESS MODELS

INFORMATION ON MARKET OPPORTUNITIES AND CONDITIONS

ACCESS TO FUNDING TO START, INNOVATE AND SCALE

LEADERSHIP AND MANAGEMENT CAPABILITY BUILDING

SUPPORT OF AN ENTERPRISE-FOCUSED ECOSYSTEM FOR RESEARCH AND INNOVATION

INTRODUCTIONS TO INTERNATIONAL BUYERS, PARTNERS, INVESTORS AND MENTORS

OVERSEAS PROMOTION AND NETWORKING THROUGH MINISTERIAL-LED TRADE MISSIONS; BUYER VISITS, EMBASSY EVENTS, AND IRELAND STANDS AT MAJOR INDUSTRY EXPOS

8 9

WHAT WE DO

WHAT WE DO

We are working with clients through a network of market and sector advisers based in

To

START NEW BUSINESSES THAT CREATE IRISH EMPLOYMENT AND WIN BUSINESS OVERSEAS

INNOVATE TO DEVELOP BETTER PRODUCTS, SERVICES AND PROCESSES

SCALE BY DEVELOPING LEADERSHIP AND MANAGEMENT CAPABILITY, SUPPORTING INTERNATIONALISATION AND ENSURING ACCESS TO CAPITALSTART

WORK WITH THE NETWORK OF 31 LOCAL ENTERPRISE OFFICES THROUGH OUR CENTRE OF EXCELLENCE TO SUPPORT SMALL AND MICRO-BUSINESSES

ATTRACT FOOD-INDUSTRY FOREIGN DIRECT INVESTMENT (FDI)TO IRELAND

PROMOTE IRELAND OVERSEAS AS THE STUDY-ABROAD DESTINATION OF CHOICE FOR HIGHER EDUCATION

We have a special remit to

INNOVATE SCALE

9

LOCATIONS IN IRELAND

LOCATIONS INTERNATIONALLY 10 32

10

Supporting start-ups with the ambition to create jobs and win in global markets, we

Financially supported 217 start-ups

Invested in 105 new High-Potential Start-Ups (HPSUs), with plans to create over 1,500 new jobs by 2018

Approved 112 new early-stage businesses for investments of up to €50,000 each through a series of Competitive Start Fund calls, including the first for commercial designers

Launched the SPRINT programme in partnership with Dublin Business Innovation Centre to get early-stage businesses investor-ready

11

START

START

START

START

START

START

START-UPS BACKED BY ENTREPRENEURS FROM OVERSEAS

15

START-UPS BACKED BY FEMALE ENTREPRENEURS

61KEY TARGET SECTORS INCLUDED FOOD AND FINANCIAL SERVICES

HPSU SPIN-OUTS FROM RESEARCH

12

HIGH-POTENTIAL START-UPS APPROVED FOR INVESTMENT

105

NEW EARLY STAGE BUSINESSES APPROVED FOR COMPETITIVE START FUNDING

112CSFs FROM OUTSIDE DUBLIN

62%

HPSUs FROM OUTSIDE DUBLIN

47%

11

START

START

Launched the second competitive call under the Seed & Venture Capital Scheme (2013 – 2018), making additional funds of up to €65m available for co-investment in seed funds

START

Enterprise Ireland was ranked Number 3 globally for seed investment by the leading international investment platform PitchBook

START

Supported development of the Government’s eight Regional Action Plans for Jobs, aimed at increasing the number and survival of start-ups; improving scaling performance and attracting FDI

START

Provided over €1m in funding each for business incubation centres at NUI Maynooth and Dublin Institute of Technology

START

Launched a new €5m Community Enterprise Initiative competitive funding call, attracting 118 proposals from all over the country

START

Continued to roll out training for staff of the 31 Local Enterprise Offices to drive service consistency for their 6,000 clients nationally

START

Piloted a lean business programme for small and microenterprises with seven Local Enterprise Offices

START

Worked with the LEO network to co-ordinate Ireland’s Best Young Entrepreneur (IBYE) competition, which attracted over 1,400 entries

61 of the start-ups (over 28%) we supported were led by women, compared with 7% of HPSUs up to 2011. Other highlights included the first International Business Women’s Conference in conjunction with the Rose of Tralee Festival and support for a number of flagship female entrepreneurship awards and business pre-accelerators. Pictured: supported through Competitive Start, Sinéad Kenny, founder of DiaNia Technologies, which specialises in materials technology for medical devices.

The Year of Irish Design, headed by the Design and Crafts Council of Ireland, promoted Irish design internationally and encouraged more SMEs to use design. The year-long campaign was supported with €5m in funding from Enterprise Ireland, and Enterprise Ireland co-ordinated many of the enterprise-focused elements of the programme. Pictured: milliner Martha Lynn, part of a photographic exhibition at Dublin Airport promoting Irish design.

13

INNOVATE

12

Supporting market-led innovation, we

Approved 86 R&D investments of over €100k to client companies

Our headline investment in industry-led R&D and Technology Centres during 2015 was the €35m Dairy Processing Technology Centre

937 client companies were engaged in R&D projects with an annual spend of over €100k

134 clients were engaged in R&D projects with an investment of over €1m p.a.

COLLABORATIVE PROJECTS BETWEEN COMPANIES AND HIGHER EDUCATION

896

INNOVATION VOUCHERS REDEEMED TO SOLVE SMALL BUSINESS PROBLEMS

INNOVATION PARTNERSHIPS BETWEEN COMPANIES AND HIGHER EDUCATION

530 70

TECHNOLOGYGATEWAYS AT THEINSTITUTES OF TECHNOLOGY WORKING WITH COMPANIES

COMPANIES WORKING WITH TECHNOLOGY CENTRES

12 424INNOVATE

INNOVATE

INNOVATE

INNOVATE

INNOVATE

13

INNOVATE

ENTERPRISE IRELAND LEADS IRELAND’S PARTICIPATION IN EUROPE’S HORIZON 2020 PROGRAMME

INNOVATE

Irish companies and academics won €135m in Horizon funding in 2015

INNOVATE

10 SMEs secured over €1m each, making Ireland’s SME performance one of the highest in Europe

MAXIMISING THE COMMERCIALISATION OF PUBLIC-FUNDED RESEARCH, WE

INNOVATE

Supported the commercialisation and technology transfer system, which saw 31 companies spin out from higher education

INNOVATE

Supported the transfer of 81 commercially valuable technologies to companies in Ireland

INNOVATE

Oversaw the first full year’s operation of Knowledge Transfer Ireland (KTI) in partnership with the Irish Universities Association, helping industry to identify experts, research centres, licensing opportunities and contracting advice

BUILDING INNOVATION MANAGEMENT CAPABILITY, WE

INNOVATE

Piloted Regional SME Innovation Networks in the west and south west to promote peer-to-peer learning and networking with the public research system regionally

INNOVATE

57 managers from 19 companies completed phase two of our new pilot programme, Innovation4Growth, to build innovation management capability

INNOVATE

Our new Innovation Health Check is now being shared with seven EU countries

Enterprise Ireland co-ordinates Ireland’s participation in the European Space Agency (ESA). In 2015, Irish companies secured ESA contracts worth €12.2m.

Innovation Showcase 2015 enabled over 2,000 delegates to access information on and network with the full spectrum of Irish public-funded researchers, technology and innovation centres and financial supports.

Six leading food and nutrition companies are working with Dublin-based software specialist Creme Global and University College Dublin on a €1.7m Innovation Partnership to develop predictive software for enhanced food quality and safety. Pictured: (L-R) Cian O’Mahony, Chief Science Officer, Creme Global; Anja Wittke, Manager, New Ingredients and Technology, Mead Johnson Nutrition; Professor Séamus Fanning, UCD Professor of Food Safety and Gearóid Mooney, Director of Research and Innovation, Enterprise Ireland.

15

SCALE

SCALE

Ensuring adequate access to funding for clients to scale, we

Provided direct equity funding for expansion, R&D and training

Enterprise Ireland jobs and capability building investment approvals supported 6,871 new job commitments and leveraged €582m in additional investment from clients in 2015

Funds supported by Enterprise Ireland through the Development Growth Capital Scheme invested over €75m in established mid-sized Irish companies

SCALE

SCALE

CLIENT INTRODUCTIONS to supply opportunities with multinational companies through our Global Sourcing Initiative with IDA Ireland

324SME-IRISH PUBLIC SECTOR BUYER INTRODUCTIONS43 Irish public procurement contracts were signed with Enterprise Ireland input, maximising gains from the Government’s €2.5bn infrastructural stimulus spend and other strategic projects

174

CLIENT-BUYER INTRODUCTIONS, INCLUDING

7,612

INTERNATIONAL BUYERS BROUGHT TO IRELAND, for industry-relevant events from the Showcase Ireland craft and consumer goods expo (approximatively 200 international buyers) to MedInIreland, with 300 international buyers

1,064

Brokering introductions to help our clients scale through increased sales and international partnerships, we made

14

SCALE

15

SCALE

BUILDING AMBITION AND DEVELOPING LEADERSHIP AND MANAGEMENT CAPABILITY, OUR

SCALE

In-depth flagship programmes provided 290 managers from 165 companies with the tools, techniques and ambition to grow their businesses

SCALE

Short programmes allowed 669 managers from 401 companies to make rapid impacts on their businesses

SCALE

The Platform4Growth programme piloted a blended-learning approach to management development

SCALE

Graduates4International Growth was recognised as ‘Best Graduate Training & Development Programme’ at the GradIreland Graduate Recruitment Awards 2015

DRIVING COMPETITIVENESS, WE

SCALE

Approved funding for 156 companies to improve productivity, profitability and environmental best practice through our Lean and Green business offers

SCALE

Our support model for promoting lean business is now being replicated and rolled out to IDA Ireland clients

Enterprise Ireland’s Thembi Malebye introducing speakers at a Nigerian networking event during the first State trade mission to West Africa, led by Minister Simon Coveney.

Supported by Enterprise Ireland, Cahir-based beef processor ABP opened a €50m state-of-the-art gel bone production plant that will have an estimated* €1bn economic impact in the region over the next five years. (*by Oxford Economics and KPMG)

Client exports 2015 by territory

UK

(37% OF EXPORTS)€7.52bn

ASIA PACIFIC


USA/CANADA


NORTHERN EUROPE


(10% OF EXPORTS)€2.07bnS. EUROPE/M. EAST/AFRICA

LATIN AMERICA

(1% OF EXPORTS)€0.20bnCENTRAL/EASTERN EUROPE/CIS/RUSSIA


+27%

-7%

+12%

+8%

+1%

+11%

-8%

17

INTERNATIONALISATION

16


Exports exceeded the €20bn mark: highest ever export gains and lowest export losses

1,239 new contracts secured overseas with Enterprise Ireland assistance

429 companies established new overseas presences

€2.5bn exports to high-growth markets

1,064 international buyers brought to Ireland

Over 120 overseas trade missions and knowledge events, including the first State-led missions to West Africa and to the Baltic States

588 companies engaged significantly with our Potential Exporters Division

1,829 one-to-one meetings with companies during International Markets Week

224 grants approved for internationalisation, market access, market review and business links

66 business accelerators appointed to help companies fast-track market entry

Supporting the internationalisation of Irish companies

SALES TO ORNUA

(4% OF EXPORTS)(FORMERLY THE IRISH DAIRY BOARD)

€0.84bn -5%

UNSPECIFIED

(3% OF EXPORTS)€0.64bn +12%

17


TOTAL

€20.59bn +10%

SOFTWARE & PUBLIC PROCUREMENT

€1.84bn +32%

INTERNATIONALLY TRADED SERVICES

€1.84bn +17%

FOOD

€10.59bn +3%

LIFE SCIENCES; ENGINEERING; PAPER PRINT & PACKAGING; ELECTRONICS & CLEANTECH

€3.44bn +11%

CONSTRUCTION & CONSUMER

€2.87bn +21%

1918

ENTERPRISE IRELAND ALLOCATION OF FUNDS 2015

€77mCLIENT AND CORPORATE SERVICES

€233mFUNDING FOR ENTERPRISE DEVELOPMENT

€45mFUNDS ADMINISTERED ON BEHALF OF THIRD PARTIES

TOTAL€355m

1

1

1

2

2

2

3

3

3

4

4

4

5

Funding for Enterprise Development

1 Capability Building €25m

2 Capacity Building €33m

3 Equity and Venture Capital Funds €82m

4 Technology and Scientific Infrastructure €93m

Total €233m

Funds Administered on Behalf of Third Party Agencies

1 Beef and Sheepmeat Investment Fund €3m

2 Business Innovation Centres €2m

3 Design and Crafts Council of Ireland €8m

4 Local Enterprise Offices €32m

Total €45m

Client and Corporate Services Network

1 Client Services Network €26m

2 Overseas Office Network €21m

3 Regional Office Network €6m

4 Science & Innovation Support €11m

5 Corporate Services Support €13m

Total €77m

TOTAL€45m

TOTAL€77m

TOTAL€233m

19

ENTERPRISE IRELAND ALLOCATION OF FUNDS 2015

Breakdown of funding to client companies by region*Almost 70% of funding to regions

Regional jobs breakdown

Cost Per Job

Note that the % total employment figures are indicative of trends based on current year total employment figures and are unadjusted.

14

13

12

11

10

9

8

7

6

5

4

3

2

1

200

3/0

9

200

1/0

7

200

5/11

200

8/14

200

0/0

6

200

4/1

0

200

7/13

200

2/0

8

200

6/1

2

200

9/15

€4

,46

8

€6

,680

€8,

140

€12

,354

€12

,79

9

€12

,24

1

€12

,60

9

€12

,910

€13

,717

€11

,167

The cost per job is calculated by taking into account all agency expenditure on all firms in the period. Only jobs created during and sustained at the end of each seven-year period are credited in the calculations.

Source: Department of Jobs, Enterprise and Innovation: Cost per Job Calculations

* Includes grants for industry, capability funding, R&D Fund support and Beef and Sheepmeat Fund support. Excludes Enterprise Ireland funding to the Campus Incubation Centres and to Seed and Venture Capital Funds.

+ These regions received support for a Beef and Sheepmeat Fund project.

DUBLIN

36%

NORTHEAST

8%

SOUTHEAST

11%

OF NET NEW JOBS WERE CREATED OUTSIDE OF DUBLIN

64%

NORTHWEST

2%

WEST

5%MIDLANDS

6%

MID WEST

3% MID EAST

12%

SOUTH

17%

DUBLIN

€29.2m30%MID

EAST

€6.8m7%

NORTH EAST

€9.0m9%

€96mTOTAL

SOUTH

€10.4m11%

WEST

€4.9m5%

MID WEST

€10.9m11%

OVERSEAS

€0.4m0.4%

MIDLANDS

€6.1m6%

NORTH WEST

€3.4m4%

+

SOUTH EAST

€14.9m16%

+

21

FUNDING AND INVESTMENT

Support for the Irish venture capital sector

To ensure access to risk capital for clients, through Enterprise Ireland, successive Governments have invested in the Irish venture capital sector over the past 20 years.

Under the various Seed & Venture Capital Schemes to date, we have supported 47 funds, resulting in funds under management of over €1.5bn.

In 2015, Enterprise Ireland invested €54m in private equity funds and committed an additional €65m to a number of private sector fund managers as a result of a second call under the Seed & Venture Capital Scheme (2013-2018).

The Halo Business Angel Network, which Enterprise Ireland part funds, facilitated the investment of a total of €10.8m in 50 companies on the island of Ireland, up from €9m in 48 companies in 2014.

Three funds supported by Enterprise Ireland through the Development Capital Fund Scheme have total growth capital funds of over €490m under management. In 2015, they invested over €75m in Irish companies.

Direct equity investments

When we make direct investments in start-up and scaling companies, our strategy is to take an equity stake in exchange for funding. This risk-reward approach ensures that the State can share in the potential rewards from company success.

In 2015, we made 314 early-stage direct equity investments, totalling €27.6m, in client companies, spanning high-potential start-ups to established businesses. This was matched by a significant multiple of external funding from domestic and international investors.

The Enterprise Ireland Direct Equity Portfolio now holds over 2,236 investments in approximately 1,224 client companies.

In 2015, the portfolio generated income of €29m from share sales, share redemptions and dividends, up 15% on direct equity investment income generated in 2014.

2120

21

Realising value through trade sales and investments

In Enterprise Ireland’s largest investment yield ever, Logentries was acquired by Rapid7, returning approximately €1.25m on the State’s €25,000 investment.

Other acquisitions in 2015 included: 3V Technologies by SafeCharge in the UK; Duolog Technologies by ARM, the world’s largest smartphone chipmaker; Amartus by Huawei, China; Aran Chemicals by Almac; Brown Bag Films by 9 Story Media Group; Creagh Medical by SurModics; Powervation by Rohm, Japan; Celtrak by Thermoking; and Trustev by TransUnion.

Changes to the Enterprise Ireland client base as a result of intra-agency transfer

Enterprise Ireland transferred 25 clients employing over 2,037 people to IDA Ireland as a result of mergers and acquisitions.

Four IDA Ireland clients, employing 163 people, transferred to Enterprise Ireland as a result of transfers into Irish ownership.

26 clients of Local Enterprise Offices transferred to Enterprise Ireland, and 22 Enterprise Ireland client companies transferred to the LEO network.

21

FUNDING AND INVESTMENT

Client company Movidius, a hi-tech specialist in machine vision, announced plans to create 100 jobs on raising $40 million in an investment led by Summit Bridge, a technology fund co-managed by WestSummit Capital and Enterprise Ireland-backed Atlantic Bridge Capital. Pictured: Movidius CEO Remi El-Ouazzane.

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Enterprise Ireland is a body corporate established by the Industrial Development (Enterprise Ireland) Act 1998. As a statutory body, it is endowed with a separate legal personality and perpetual succession. It also has the capacity to own property, make contracts, sue and be sued in its corporate name. The members of the Board of Enterprise Ireland constitute the members of the agency.

The agency operates in accordance with the provisions of the Industrial Development Acts 1986-2009 and under the aegis of the Minister for Jobs, Enterprise and Innovation, who is empowered to provide funds to the agency to enable it to discharge its obligations; to issue general policy directives; and to seek information on the agency’s activities.

In addition to its own governing legislation, the agency is also required to comply with a range of other statutory (national and EU) and administrative requirements. In particular, it has put in place procedures to ensure compliance with the following specific requirements:

Code of Practice for the Governance of State Bodies, 2009The board has adopted the Code of Practice for the Governance of State Bodies, 2009, and has implemented procedures and reviews to ensure full compliance with its provisions.

The Chairman of the Board, in a separate report furnished annually to the Minister for Jobs, Enterprise and Innovation, confirms compliance with the individual requirements of the code. Enterprise Ireland is certified to the Swift 3000:2010 Code of Practice for Corporate Governance Assessment in Ireland.

Guidelines for the Appraisal and Management of Capital Expenditure Proposals Enterprise Ireland has well-established, robust procedures for the appraisal and management of capital expenditure projects arising under its capital grants programmes. These procedures comply with the principles set out in the guidelines.

Freedom of Information Act, 2014The Freedom of Information Act (FOI) was signed into law in 2014. This act provides a legal right to individuals to obtain access to information held by public bodies, to the greatest extent possible, consistent with the public interest and the right to privacy. However, the act provides exemptions for the organisation to not release certain records held by Enterprise Ireland that are, among other things, confidential, commercially sensitive or personal. Such information cannot be released under FOI without those who supplied the information being consulted. The requesters also have the right to appeal any decision not to release records initially to a more senior member of staff in Enterprise Ireland and then to the Information Commissioner, who is an independent authority on FOI matters. Further information on the implementation of FOI at Enterprise Ireland is available from the Government Relations and FOI Office, Enterprise Ireland, The Plaza, East Point Business Park, Dublin 3 and is also available on our website at www.enterprise-ireland.com. Here you will also find a Publications Scheme providing general

CORPORATE GOVERNANCE

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and frequently requested information about Enterprise Ireland in line with the obligations of the organisation under the Freedom of Information Act, 2014.

Safety, Health and Welfare at Work Act, 2005 In accordance with the Safety, Health and Welfare at Work Act, 2005, Enterprise Ireland has put in place procedures to comply with the provisions of the act and has prepared a safety statement that encompasses all of the aspects affecting staff and visitor welfare.

Worker Participation (State Enterprise) Act, 1988 Enterprise Ireland is not a designated body for the purposes of the act. However, Enterprise Ireland has put consultative processes in place involving the trade unions representing staff.

Prompt Payment of Accounts Payment of invoices by Enterprise Ireland is governed by the Prompt Payment of Accounts Act, 1997, as amended by the European Communities (Late Payment in Commercial Transactions) Regulations 2012 - S.I. 580 of 2012. The regulations, which apply equally to the public and private sectors, provide an automatic entitlement to interest and compensation if payment for commercial transactions is late (after 30 days from the

date of receipt). It is the policy of Enterprise Ireland to ensure that all invoices are paid promptly and every effort, consistent with proper financial, procedures, is being made to ensure that all suppliers are paid within this timeframe. Controls are in place to provide reasonable, though not absolute, assurance against noncompliance with the act and regulations.

Prompt Payment to Suppliers Enterprise Ireland is committed to meeting its obligations under the 15-day Prompt Payment Rule, which came into effect on 1 July, 2011. This provision ensures that payments to suppliers in respect of all valid invoices received will be made within 15 calendar days. Enterprise Ireland reports quarterly on the implementation of the 15 day Prompt Payment Rule on its website. The table below shows Enterprise Ireland’s performance with regard to the 15-day payment requirement during 2015.

Details Number Value €

Number of payments made within 15 days

11,115 39,303,381.41

Within 16 to 30 days 128 395,925.24

In excess of 30 days 9 36,815.37

Total payments 11,252 39,736,122.02

Prompt Payment CodeEnterprise Ireland is a signatory to the prompt payment code of conduct.

Ethics in Public Office Act, 1995 Enterprise Ireland was brought within the scope of the Ethics in Public Office (Prescribed Public Bodies, Designated Directorships of Public Bodies and Designated Positions in Public Bodies) Regulations 2004 (S.I. No 699 of 2004) with effect from 1 January, 2005. Enterprise Ireland board members furnish statements of interests each year to the secretary, and copies have been provided to the Commission Secretary, Standards in Public Office Commission. In addition, Enterprise Ireland staff members holding designated positions comply with the act.

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Data Protection Acts, 1988 and 2003 Enterprise Ireland is registered as a data controller under the Data Protection Acts. Data protection is concerned with the protection of the individual’s fundamental right to privacy and to exercise control over how personal information is used. Applications in relation to personal information may be made either under the Freedom of Information Acts or under the Data Protection Acts. Further information is available from the Government Relations and FOI Office, The Plaza, East Point Business Park, Dublin 3.

Disclosure Policy on Payments and Investments It is Enterprise Ireland’s policy to make information available on financial support payments that have been made to client companies. A report listing all such payments made by Enterprise Ireland for any given year following the release of the annual report is available upon request.

Protected Disclosures Act, 2014There were no protected disclosures made to Enterprise Ireland in 2015.

Employment Equality Acts, 1998 and 2004 Enterprise Ireland is committed to a policy of equal opportunity and adopts a positive approach to equality in the organisation. Enterprise Ireland operates a number of schemes that provide staff with options in relation to meeting their career and personal needs, such as job sharing, study leave, educational programmes and career breaks.

A policy on the Protection of Dignity at Work is in operation and has been communicated to all staff.

Commission of the European Union In 2014, Enterprise Ireland administered a range of programmes that are eligible for co-funding by EU Structural Funds, including the European Regional Development Fund, the Productive Sector Operational Programme, Employment and Human Resource Development Operational Programme, and the two Regional Operational Programmes for the Southern and Eastern and BMW regions.

Official Languages Act, 2003 Enterprise Ireland comes under the remit of the Official Languages Act, 2003, which was signed into law on 14 July, 2003 to provide a statutory framework for the delivery of services through the Irish language. In accordance with Section 10 of the act, this annual report is published in Irish and English.

Client Charter Enterprise Ireland’s Client Charter sets out our commitment to a high-quality service to our customers and is available in the ‘About Us’ section of the website.

Energy Efficiency and Conservation Enterprise Ireland is committed to making every effort possible to be energy efficient and is working closely with SEAI to achieve the Government target of 33% energy reduction by 2020. The agency is on target to reduce its energy usage by 33% as measured from its baseline in 2009. The agency also participates in framework agreements for the supply of utilities such as electricity and gas procured centrally by the Office of Government Procurement for its Dublin and regional offices. It is a requirement that all public buildings over 1,000 sq.m in area display an energy certificate. The head office buildings have a current display energy certificate rating of C3 and D2 respectively, which, on average across the two buildings, is similar to last year’s rating.

Julie Sinnamon

Chief Executive Officer

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The Board of Enterprise Ireland is responsible for setting the broad strategy and policies of the organisation. It is responsible for the system of internal financial control and for putting in place processes and procedures for the purpose of ensuring that this system is effective. The board also has oversight responsibility for the activities of the organisation. It delegates to management and subcommittees the responsibility for their implementation.

The board has statutory authority to approve funding up to the levels set out in the Industrial Development Act, 1986, as amended, and the Science and Technology Act, 1987, and to make recommendations to Government on funding support above these levels. The Board of Enterprise Ireland and its relevant committees have the authority to purchase shares (ordinary and preference) in client companies.

Under the terms of the Industrial Development (Enterprise Ireland) Act, 1998, all functions and powers are reserved to the board, save those that the board formally delegates. All powers so delegated are set down and are formally approved by the board.

In its own activities and in its use of subcommittees, the board operates towards best corporate governance principles.

In accordance with the Ethics in Public Office Act, 1995, and the Code of Practice for the Governance of State Bodies, board members are required to provide a Statement of Interest to the Standards in Public Office Commission and to the secretary. Enterprise Ireland fully complies with Government policy on the pay of chief executives and state body employees and with Government guidelines on the payment of fees to board members.

Board members are appointed by the Minister for Jobs, Enterprise and Innovation, with the consent of the Minister for Public Expenditure and Reform. Each year, on the anniversary of the Establishment Day, the two members (other than the Chairman and Chief Executive) who have been longest in office since their last appointment retire from office. New board members, on their appointment, are provided with extensive briefing on the agency and its operations.

The appointment and removal of the secretary to the board is a matter for the board. All board members have access to the secretary, who is responsible for ensuring that board procedures are complied with.

ENTERPRISE IRELAND BOARD 2015

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Enterprise Ireland Board as at 30 May, 2016

Terence O’ Rourke, (Chairman), Former Managing Partner, KPMGAppointed: 29 July 2013

Lisa Dillon, Vice President of Sales, OracleAppointed: 17 November 2015

Geoff Meagher, ConsultantAppointed: 15 October 2012

Helen Ryan, Director, Hakata Holdings LimitedAppointed: 26 March 2014

Colum Horgan, CEO, InverCloudAppointed: 15 October 2012

Elaine Coughlan, General Partner, Atlantic Bridge, DublinAppointed: 12 May 2014

Dave Shanahan, Founder and CEO, Adagio Ventures Commercialisation PartnersAppointed: 23 October 2015

David Walsh, Co-founder and Group CEO, NetwatchAppointed: 23 October 2015

Clare Dunne, Assistant Secretary, Department of Jobs, Enterprise and InnovationAppointed: 10 October 2012

John McMahon, ConsultantAppointed: 26 March 2014

Patrick Flynn, Manager and Founding Partner, Flynn O’ Driscoll, Commercial & Corporate LawAppointed: 8 July 2014

Julie Sinnamon, Chief Executive Officer, Enterprise IrelandAppointed: 3 November 2013

Joe Healy is secretary to the board

Changes to the board during 2015

Bob Savage retired from the board in 2015. Lisa Dillon, Dave Shanahan and David Walsh were appointed to the board.

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Audit CommitteeThe Audit Committee assists the organisation in discharging its legal and accounting responsibilities. It provides the communications link with the external auditor and evaluates and coordinates the Internal Audit function and Risk Management process in Enterprise Ireland.

Geoff Meagher, (Chairman), Consultant

Colum Horgan, CEO, InverCloud

Helen Ryan, Director, Hakata Holdings Limited

David Walsh, Co-founder and Group Chief Executive Officer, Netwatch

Joe Healy, Secretary to the Audit Committee

Investment Portfolio Review Committee The Investment Portfolio Review Committee has responsibility for overseeing the management of Enterprise Ireland’s investment portfolio and for maintaining an oversight of the investment activity of funds supported by Enterprise Ireland under the various seed and venture capital programmes.

John McMahon, (Chairman), Consultant

Clare Dunne, Assistant Secretary, Competitiveness and Jobs Division, Department of Jobs, Enterprise and Innovation

Tony Haslam, Consultant

Niall O’Donnellan, Divisional Manager, People, Policy & Competitiveness and Regions & Entrepreneurship, Enterprise Ireland

Julie Sinnamon, Chief Executive Officer, Enterprise Ireland

Joe Healy, Secretary to the Investment Portfolio Review Committee

Performance and Resource Planning Committee The Performance and Resource Planning Committee reviews the performance of the senior management team and planning for management development and succession. The Committee also reviews remuneration of senior management in the context of Government guidelines.

Terence O’Rourke, (Chairman), Former Managing Partner, KPMG

Elaine Coughlan, General Partner, Atlantic Bridge

Patrick Flynn, Manager and Founding Partner, Flynn O’ Driscoll, Commercial & Corporate Law

Joe Healy, Secretary to the Performance and Resource Planning Committee

The following member retired from the committee during 2015:

Bob Savage, Vice President and Managing Director, Ireland Centre of Excellence, EMC Corporation

MEMBERSHIP OF COMMITTEES as at 1 May, 2016

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Strategy 2020 Committee The Strategy 2020 Committee has responsibility for developing the strategy for Enterprise Ireland for 2017 - 2020.

Helen Ryan, Director, Hakata Holdings Limited (Chair)

Lisa Dillon, Vice President of Sales, Oracle

John McMahon, Consultant

Dave Shanahan, Founder and CEO, Adagio Ventures Commercialisation Partners

David Walsh, Co-founder and Group CEO, Netwatch

Joe Healy, Secretary to the Strategy 2020 Committee

MEMBERSHIP OF ENTERPRISE IRELAND MANAGEMENT COMMITTEESExecutive Committee The Executive Committee manages and controls the administration of Enterprise Ireland’s budget, monitors progress against organisational targets, and considers matters of corporate policy, including financial product guidelines, sectoral policies and strategies, regional strategy and new and amended programmes and schemes.

Julie Sinnamon, (Chairperson), Chief Executive Officer, Enterprise Ireland

Orla Battersby, Director, North America, Enterprise Ireland

Michael Cantwell, Divisional Manager, Food Division, Enterprise Ireland

Brendan Flood, Divisional Manager, International Sales and Partnering, (IS&P), Enterprise Ireland

Joe Healy, Secretary to the Board and Manager for HPSU – ICT Accelerate, Enterprise Ireland

Walter Hobbs, Executive Director, Investment & Finance, Enterprise Ireland

Tom Kelly, Divisional Manager, Industrial & Lifesciences & Consumer, Enterprise Ireland

Leo McAdams, Divisional Manager, ICT & International Services, Enterprise Ireland

Gearoid Mooney, Divisional Manager, Research and Innovation, Enterprise Ireland


Kevin Sherry, Executive Director, Global Business Development, Enterprise Ireland

Mairead Hennessy, Secretary to the Executive Committee

The following member retired from the committee during 2015/2016:

Tom Hayes, Divisional Manager, Regions & Entrepreneurship, Enterprise Ireland

Investment Committee The Investment Committee is empowered to approve funding packages up to €1.25 million for projects where previous approvals of funding do not exceed €3.25 million for one undertaking within the previous two years.

Julie Sinnamon, (Chairperson), Chief Executive Officer, Enterprise Ireland

Marian Byrne, Principal Officer, Department of Agriculture, Food and the Marine

Michael Cantwell, Divisional Manager, Food Division, Enterprise Ireland

Bernie Cullinan, Consultant, Private Sector

Eugene Forde, Principal Officer, Department of Jobs, Enterprise and Innovation


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Liam Ryan, Consultant, Private Sector

Liam Shanahan, Consultant, Private Sector


Eileen McGoldrick, Secretary to the Investment Committee

R&D Committee During 2015, Enterprise Ireland’s approach to R&D and innovation was guided by the Government’s Strategy for Science, Technology and Innovation, 2006-2013, which was coordinated by the Department of Jobs, Enterprise and Innovation. A new Government strategy, Innovation 2020, was launched towards the end of 2015. The R&D Fund was launched in early 2008 and is designed to provide support for research, development and technological innovation relevant at all stages of company development. It provides support to enable companies to progress from undertaking an initial research project to high level innovation and R&D activity.

Niall O’Donnellan, (Chairperson), Divisional Manager, People, Policy & Competitiveness, Enterprise Ireland

Tom Beresford, Head of Food Research, Teagasc

James Conway, Research & Codex Division, Department of Agriculture, Food and the Marine

Brian Dalton, Innovation, Research & Development Programmes, Department of Jobs, Enterprise and Innovation

Orla Donohoe, Marketing, Bord Bia

Denis Hayes, General Manager, Industry Research and Development Group

Brian McCoy, Consultant

Gearoid Mooney, Divisional Manager, Research and Innovation, Enterprise Ireland

Miriam Ní Néill, Audio/Visual Enterprise Development, Údarás na Gaeltachta

Aidan O’Connor, Consultant

Johnnie Phillips, Consultant

Padraig Somers, General Manager, Helsinn Birex Pharmaceuticals

Zoë Deane, Secretary to the R&D Committee

The following members retired from the committee during 2015/2016:

Tom Hayes, Divisional Manager, Regions & Entrepreneurship, Enterprise Ireland

Denise Murphy, Sector Manager - Drinks, Bord Bia

Michael Davitt, Innovation, Research & Development Programmes, Department of Jobs, Enterprise and Innovation

Seed and Venture Capital Funds Committee The objectives of the Enterprise Ireland Seed and Venture Capital programmes are to further develop the Irish venture capital sector, to provide risk capital to SMEs in the seed, start-up and development stages, to leverage private and institutional investment and to develop commercially viable funds. The scheme is a competitive one.

Kevin Sherry, (Chairperson), Executive Director, Global Business Development, Enterprise Ireland

Donnchadh Cullinan, Department Manager, Growth Capital & Banking Relations, Enterprise Ireland

Don Harrington, Director Corporate Finance, Goodbody Stockbrokers

Tony Haslam, Consultant, Private Sector

Páraig Hennessy, Principal Officer, Department of Jobs, Enterprise and Innovation

Walter Hobbs, Executive Director, Investment & Finance, Enterprise Ireland


Vacancy, Private Sector

Eileen McGoldrick, Secretary to the Seed and Venture Capital Funds Committee

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The Industrial Research and Commercialisation Committee The Industrial Research and Commercialisation Committee approves funding of up to €1.25 million for applied research and commercialisation involving the universities and institutes of technology, collaborative research and industry-led networks. It focuses on projects that are industry-led or have potential to lead directly to a commercial outcome in Ireland.

Gearóid Mooney, (Chairperson), Divisional Manager, Research and Innovation Business Unit, Enterprise Ireland

Mike Brosnan, Private Sector

Joseph Curtis, Department Manager, Research and Innovation and Corporate Services, Enterprise Ireland

Seamas Grant, Consultant

Brian Dalton, Innovation, Research & Development Programmes, Department of Jobs, Enterprise and Innovation / Michael Davitt, Innovation, Research & Development Programmes, Department of Jobs, Enterprise and Innovation

Barry Heavey, Global Head of Life Sciences, IDA Ireland

Richard Howell, Head of Research, Food and Codex Coordination Division, Department of Agriculture, Food and the Marine

Frank Kennedy, Private Sector

Graham Love, Chief Executive, Health Research Board

Darrin Morrissey, Director of Programmes Science Foundation Ireland


Richard O’Kennedy, Director of Applied Biochemistry Group, School of Biotechnology and National Centre for Sensor Research, Dublin City University


Mary Shire, Vice President of Research, University of Limerick

Mairead Hennessy, Secretary to the Industrial Research and Commercialisation Committee

The following members retired from the committee during 2015/2016:

Ruth Freeman, Director of Strategy and Communications, Science Foundation Ireland

Muiris O’Connor, Head of Research Programmes, Higher Education Authority

The Job Expansion and Capital Investment CommitteeTom Kelly (Chair), Divisional Manager Industrial & Lifesciences & Consumer, Enterprise Ireland

Leonard Carty, Finance Manager, Enterprise Ireland

Stephen Hughes, Manager, Construction, Timber & Consumer Retail; Paper, Print & Packaging, Enterprise Ireland

John Geehan, Private Sector

Wendy Gray, Assistant Principal, Department of Jobs, Enterprise and Innovation

Niall McKeon, Principal Officer, Department of Agriculture, Food and the Marine

Jenny Melia, Department Manager, Consumer Food, Seafood and Horticulture Enterprise Ireland

Tom Mulqueen, Private Sector

Karen Tyner, Entrepreneurship and SME Policy, Bord Bia

Zoë Deane, Secretary to the Job Expansion and Capital Investment Committee

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FINANCIAL STATEMENTS

Enterprise Ireland

I have audited the financial statements of Enterprise Ireland for the year ended 31 December 2015 under the Industrial Development (Enterprise Ireland) Act 1998. The financial statements comprise the statement of income and expenditure and retained revenue reserves, the statement of comprehensive income, the statement of financial position, the statement of cash flows and the related notes. The financial statements have been prepared in the form prescribed under Section 22 of the Act, and in accordance with generally accepted accounting practice.

Responsibilities of the Members of the Board

The Board is responsible for the preparation of the financial statements, for ensuring that they give a true and fair view and for ensuring the regularity of transactions.

Responsibilities of the Comptroller and Auditor General

My responsibility is to audit the financial statements and to report on them in accordance with applicable law.

My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

My audit is carried out in accordance with the International Standards on Auditing (UK and Ireland) and in compliance with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of Audit of the Financial Statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements, sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of

• whether the accounting policies are appropriate to Enterprise Ireland’s circumstances, and have been consistently applied and adequately disclosed

• the reasonableness of significant accounting estimates made in the preparation of the financial statements, and

• the overall presentation of the financial statements.

I also seek to obtain evidence about the regularity of financial transactions in the course of audit.

In addition, I read Enterprise Ireland’s annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by me in the course of performing the audit. If I become aware of any apparent material misstatements or inconsistencies, I consider the implications for my report.

Opinion on the Financial Statements

In my opinion, the financial statements:

• give a true and fair view of the assets, liabilities and financial position of Enterprise Ireland as at 31 December 2015 and of its income and expenditure for 2015; and

• have been properly prepared in accordance with generally accepted accounting practice.

In my opinion, the accounting records of Enterprise Ireland were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records.

Matters on which I report by exception

I report by exception if I have not received all the information and explanations I required for my audit, or if I find

• any material instance where money has not been applied for the purposes intended or where the transactions did not conform to the authorities governing them, or

• the information given in Enterprise Ireland’s annual report is not consistent with the related financial statements or with the knowledge acquired by me in the course of performing the audit, or

• the statement on internal financial control does not reflect Enterprise Ireland’s compliance with the Code of Practice for the Governance of State Bodies, or

• there are other material matters relating to the manner in which public business has been conducted.

I have nothing to report in regard to those matters upon which reporting is by exception.

Seamus McCarthy

Comptroller and Auditor General

15 June 2016

Comptroller and Auditor General Report for Presentation to the Houses of the Oireachtas

3332

Board Members’ Responsibilities

Financial Statements

Section 22 of the Industrial Development (Enterprise Ireland) Act, 1998, requires Enterprise Ireland to keep, in such form as may be approved of by the Minister for Jobs, Enterprise and Innovation with the consent of the Minister for Finance, all proper and usual accounts of money received and expended by it.

In preparing those financial statements, Enterprise Ireland is required to:

• Select suitable accounting policies and apply them consistently

• Make judgements and estimates that are reasonable and prudent

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that it will continue in operation

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

The Board is responsible for keeping adequate accounting records which disclose, with reasonable accuracy at any time, its financial position and which enables it to ensure that the financial statements comply with Section 22 of the Industrial Development (Enterprise Ireland) Act, 1998. The Board is also responsible for safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Julie Sinnamon, Chief Executive Officer

Terence O’Rourke, Chairman

On behalf of the Board of Enterprise Ireland:

08 June 2016

Board Members’ Report for the year ended 31 December 2015

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On behalf of the Board of Enterprise Ireland, I acknowledge our responsibility for the system of internal financial control in the agency and for putting in place processes and procedures for the purpose of ensuring that the system is effective.

The system can provide only reasonable and not absolute assurance that assets are safeguarded, transactions authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected in a timely period.

The Board has taken steps to ensure an appropriate control environment is in place by:

• Establishing formal procedures through various committee functions to monitor the activities and safeguard the assets of the organisation

• Clearly defining and documenting management responsibilities and powers

• Developing a strong culture of accountability across all levels of the organisation

The Board has also established processes to identify and evaluate business risks. This is achieved in a number of ways including:

• Identifying the nature, extent and financial implications of risks facing Enterprise Ireland

• Assessing the likelihood of identified risks occurring

• Assessing Enterprise Ireland’s ability to manage and mitigate the risks that do occur

• Working closely with Government and various agencies and institutions to ensure that there is a clear understanding of Enterprise Ireland’s goals and support for the Agency’s strategies to achieve those goals

• Carrying out regular reviews of strategic plans both short and long term and evaluating the risks to bringing those plans to fruition

• Setting annual and longer term targets for each area of our business followed by the regular reporting on the results achieved

• Establishing and enforcing extensive standard procedures and provisions under which financial assistance may be made available to projects, including provisions requiring repayment if the project does not fulfil commitments made by the promoter

• Establishing procedures to ensure that the schemes and programmes administered by Enterprise Ireland are in accordance with the legislation governing their operation and that appropriate risk management systems are in place

The system of internal financial control is based on a framework of regular management information, administrative procedures including segregation of duties, and a system of delegation and accountability. In particular it includes:

• A comprehensive budgeting system with an annual budget which is reviewed and agreed by the Board of Directors

• Regular reviews by the Board of Directors of periodic and annual financial reports which indicate financial performance against forecasts

• Setting targets to measure financial and other performances

• Clearly defined capital investment control guidelines

• Formal project management disciplines

Enterprise Ireland has an internal audit department, currently staffed by a team made up of resources outsourced from a firm of accountants together with an experienced Enterprise Ireland manager. This department operates in accordance with the Internal Audit Charter approved by the Audit Committee of the Board. This committee meets on a quarterly basis to review reports prepared by Internal Audit and other departments. The Audit Committee reports regularly to the Board in relation to the matters that it has considered.

The internal audit function operates in accordance with the Framework Code of Best Practice set out in the Code of Practice on the Governance of State Bodies. A rolling three-year Internal Audit Strategic Audit Plan is approved by the Audit Committee and revised annually where required. The current work plan takes account of areas of potential risk identified in a risk assessment exercise carried out with management at the start of the current planning cycle. The Internal Auditor provides the Committee with quarterly reports on assignments carried out. These reports highlight deficiencies or weaknesses, if any, in the system of internal financial control and the recommended corrective measures to be taken where necessary. The Audit Committee receives a quarterly Management report on the status of issues raised by the Internal Audit. Internal Audit reviews this report regularly.

The Board’s monitoring and review of the effectiveness of the system of internal financial control is informed by the work of the Internal Auditor, the Audit Committee which oversees the work of the Internal Auditor, the executive managers within Enterprise Ireland who have responsibility for the development and maintenance of the financial control framework and comments made by the Comptroller and Auditor General in his management letter.

I confirm that in respect of the year to 31 December 2015, the Board conducted a review of the system of internal financial control.

On behalf of the Board of Enterprise Ireland:

Terence O’Rourke, Chairman

08 June 2016

Statement on Internal Financial Control

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Statement of Income and Expenditure and Retained Revenue Reserves for the year ended 31 December 2015 2015 2014 Notes €’000 €‘000Income Oireachtas Grants - Department of Jobs, Enterprise and Innovation 2 277,532 260,509 Funding from other Government Departments 3 11,690 13,434 Own Resources 4 9,751 12,480 County Enterprise Boards (dissolved) Funds 5 - 7,098 Net Deferred Retirement Benefits Funding 9(d) 16,782 8,598 Profit on disposal/transfer of Fixed Assets (net) 12 13,765 28,663 TOTAL INCOME 329,520 330,782 Expenditure Financial Support to Industry 6 196,037 186,918 Disbursements to other State Agencies re Financial Support to Industry 7 - 1,169 Administration, Operation and Promotion 8 80,847 80,062 Retirement Benefits Costs 9(c) 18,285 8,232 Movement in Value of Fixed Assets 10 (4,887) 15,406 Reduction in Value of Public Benefit Entity Concessionary Loans 11 1,747 100 TOTAL EXPENDITURE 292,029 291,887 Surplus before Appropriations 37,491 38,895 Appropriations Contribution to the Exchequer 13 (2,863) (4,381) Transfer (to) the Capital Account 14 (40,131) (37,764) Transfer from the State Advances Account 15 5,827 3,442 Surplus after Appropriations 324 192

Balance Brought Forward at Start of Year 8,324 8,132

Balance Carried Forward at End of Year 8,648 8,324 Amounts shown under Income and Expenditure are in respect of continuing activities. Notes 1 to 27 form part of these financial statements. On behalf of the Board of Enterprise Ireland:


Terence O’Rourke, Chairman08 June 2016

Restated

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Statement of Comprehensive Income for the year ended 31 December 2015

2015 2014 €’000 €‘000

Surplus after Appropriations 324 192

Experience (loss)/gains on Retirement Benefits scheme liabilities (3,264) 6,020

Experience (loss) on Retirement Benefits liability transferred from the former Forfás - (289,662)

Change in assumptions underlying the present value of Retirement Benefits liabilities (6,934) (5,846)

Total Actuarial (loss) in the year (10,198) (289,488)

Adjustment to deferred Retirement Benefits funding 10,198 289,488 Total Comprehensive Income for the year 324 192

Notes 1 to 27 form part of these financial statements. On behalf of the Board of Enterprise Ireland:



Restated

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Statement of Financial Position as at 31 December 2015 2015 2014 Notes €’000 €‘000Fixed Assets

Property, Plant and Equipment 17 1,902 4,868 Financial 18 358,663 315,566 Total Fixed Assets 360,565 320,434 Public Benefit Entity Concessionary Loans 19 12,548 14,921 Current Assets

Receivables 20 4,069 4,266

Cash and Cash Equivalents 12,717 15,073 16,786 19,339 Current Liabilities Payables (Amounts falling due within one year) 21 8,138 11,015 Net Current Assets 8,648 8,324

Retirement Benefits Obligations 9(e) (325,064) (298,086)

Deferred Funding Asset 9(e) 325,064 298,086

Total Net Assets 381,761 343,679

Representing Capital Account 14 360,565 320,434 State Advances Account 15 12,548 14,921 Retained Revenue Reserves 8,648 8,324 381,761 343,679 Notes 1 to 27 form part of these financial statements. On behalf of the Board of Enterprise Ireland:



Restated

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2015 2014 €’000 €‘000

Cash flows from Operating Activities Excess Income over Expenditure 37,491 38,895 Adjustments for

Bank Interest received (1) (1) Dividends receivable (3,955) (3,056) Reduction in Value of Fixed Assets (4,887) 15,406 (Profit)/Loss on Disposal of Property, Plant and Equipment 2,220 (14)(Profit)/Loss on Disposal of Financial Fixed Assets (15,985) (28,649) Reduction in Value of Financial Incentive Assets 1,747 100 (Increase)/Decrease in Receivables excluding Dividends 344 (777) Increase/(Decrease) in Payables excluding Contribution to the Exchequer (359) 621 Contribution to the Exchequer (5,381) (900) The effect of Foreign exchange rate changes (107) (139)

Net Cash Inflow from Operating Activities 11,127 21,486

Cash flows from Investing Activities Payments to acquire Fixed Assets Property, Plant and Equipment (428) (341) Financial: Investments in Shares (27,619) (31,275) Seed and Venture Capital Fund (54,102) (45,720) Public Benefit Entity Concessionary loans made - (40) Receipts from disposal of Fixed Assets Property, Plant and Equipment 8 14 Financial: Investments in Shares 25,008 21,266 Seed and Venture Capital Fund 35,654 31,549 Public Benefit Entity Concessionary loan receipts 4,080 3,382

Net cash flows from Investing Activities (17,399) (21,165) Cash flows from Financing Activities Bank Interest received 1 1 Dividends received 3,808 3,551

Net Cash flows from Financing Activities 3,809 3,552

Net Increase/(Decrease) in Cash and Cash Equivalents (2,463) 3,873 Cash and Cash equivalents at the start of the year 15,073 11,061 The effect of Foreign exchange rate changes 107 139

Cash and Cash equivalents at the end of the year 12,717 15,073

Notes 1 to 27 form part of these financial statements. On behalf of the Board of Enterprise Ireland:



Statement of Cash Flows for the year ended 31 December 2015 Restated

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1 Significant Accounting Policies

The basis of accounting and significant accounting policies adopted by Enterprise Ireland are set out below. They have all been applied consistently throughout the year and the preceding year.

(a) General Information

Enterprise Ireland was established under the Industrial Development (Enterprise Ireland) Act, 1998. Enterprise Ireland’s head office is located in East Point Business Park, Dublin 3.

Enterprise Ireland is a Public Benefit Entity (PBE). A Public benefit entity provides goods or services for the general public, community or social benefit and, where any equity is provided, it is to support the entity’s primary objectives rather than with a view to providing a financial return to equity providers, shareholders or members.

Enterprise Ireland’s primary objective as set out in Part II S7(1) of the Industrial Development (Enterprise Ireland) Act, 1998 is:

• to develop industry and enterprise in the State

• to promote, assist and develop the marketing of goods and service industries

• to promote enterprises in strategy assessment and formulation

• to develop the technological base and the capacity of enterprises to innovate and undertake research, development and design

• to strengthen the skills base in industry

• to make investments in and provide supports to industrial undertakings which comply with the requirements of the enactments for the time being in force

• to administer such schemes, grants and other financial facilities requiring the disbursement of European Union and such other funds as may from time to time be authorised by the Minister with the concurrence of the Minister for Finance

While Enterprise Ireland invests equity in client companies, generating a financial return on the investment is not the sole reason for making the investment and any financial returns received are used to fund Enterprise Ireland’s primary objective.

(b) Statement of Compliance and Basis of Preparation

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, in compliance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and in the form approved by the Minister for Jobs, Enterprise and Innovation with the concurrence of the Minister for Finance under the Industrial Development (Enterprise Ireland) Act, 1998.

This is the first set of financial statements prepared under FRS 102. The prior year financial statements were restated for material adjustments on adoption of FRS 102 in the current year. Previously, the financial statements were prepared in accordance with Generally Accepted Accounting Practice in Ireland. For more information see note 26.

The presentation currency of the financial statements of Enterprise Ireland is euro. The functional currency of Enterprise Ireland is considered to be euro because that is the currency of the primary economic environment in which the agency operates.

(C) Income

Income is accounted for on an accruals basis with the exception of the following:

Oireachtas Grants

Oireachtas grants are recognised on a cash receipts basis.

Divided Income

Dividend Income is recognised when the right to receive payment is established, it is probable that the income will be received and the amount can be measured reliably. While Enterprise Ireland issues dividend invoices, it is not known if the Investee company have sufficient distributable reserves and therefore the right to receive payment has not been established. Accordingly, Enterprise Ireland recognises income which has been received in the relevant financial year or invoiced in the relevant financial year and received in the first quarter of the following year.

Repayable financial support refunds

Financial Supports to Industry become repayable if certain circumstances as set out in the letter of offer occur such as liquidation/dissolution. Repayable financial support refunds are recognised on a cash receipts basis.

(d) Financial Supports to Industry

A liability is recognised in the Financial Statements once the definition and recognition criteria for a liability have been satisfied, the obligation is such that Enterprise Ireland cannot realistically withdraw from it and when the grantee has complied with all the stipulated conditions.

Accounting Policies for the year ended 31 December 2015

39

(e) Repayable Financial Support to Industry - Public Benefit Entity Concessionary Loans

Repayable grants are classified as public benefit entity concessionary loans i.e. loans which are granted for the purpose of furthering the objectives of the public benefit entity, are not repayable on demand and are granted at below the prevailing market rate of interest or interest free. Repayable grants are initially recognised in the Statement of Financial Position at the amount paid, subsequently the carrying amount in the financial statements shall be adjusted to reflect any accrued interest payable or receivable. Repayable grants are reviewed annually for indications of impairment and any impairment losses are recognised in the Statement of Income and Expenditure and Retained Revenue Reserves.

The repayable financial supports to industry are as follows:

Research & Development and Capital Financial Support

Certain Research & Development and Capital Financial Support agreements have a repayable clause allowing for part of the financial support to be recovered.

Repayable Grants issued by the former County and City Enterprise Boards and the Local Enterprise Offices

The County Enterprise Boards (Dissolution) Act 2014 provided for the dissolution of the County and City Enterprise Boards (CEBs) and the transfer of their functions and assets and liabilities to Enterprise Ireland on 14 April 2014. The functions of the CEBs since 14 April 2014 are delivered under an operating arrangement through the local authorities following the establishment of a network of Local Enterprise Offices (LEOs).

Measure 1 grants issued by the CEBs and now issued by the LEOs, have a repayable clause allowing for part of the financial support to be recovered. These recoverable grants are assets of Enterprise Ireland and as such are reflected on the agencies Statement of Financial Position.

The amount recoverable in respect of repayable financial support to industry is reflected in the Statement of Financial Position as Public Benefit Entity Concessionary Loans and the related funding is included in the State Advances Account.

(f) State Advances Account

The State Advances Account represents monies advanced to Enterprise Ireland and CEB/LEO client companies by way of repayable financial support classified as public benefit entity concessionary loans.

(g) Investments

Quoted Investments

Investments listed on a recognised stock exchange are measured at their fair value and movements are recorded through the Statement of Income and Expenditure and Retained Revenue Reserves.

Other Investments

Other Investments are measured at cost less impairment as their fair value cannot be measured reliably.

Write off of Investments

Where management’s assessment of the value of investments is nil, due to insolvency or otherwise, those investments are written off.

Seed and Venture Capital Funds

Advances to these funds are measured at fair value and gains or losses in fair value are recorded through the Statement of Income and Expenditure and Retained Revenue Reserves based on Fund Managers’ valuations using the latest audited or management accounts available. The guidelines followed by the Fund Managers in arriving at the valuations are in accordance with the valuation principles of the European and Irish Venture Capital Associations.

Gains and Losses

Realised gains and losses for change in value of investments are recognised in the Statement of Income and Expenditure and Retained Revenue Reserves.

Consolidation

The financial statements do not reflect a consolidation of the results of investee companies. Enterprise Ireland is of the opinion that such a consolidation would be misleading, having regard to the diverse nature of businesses of the companies involved and to its general duty to prepare financial statements which give a true and fair view of its industrial promotion activities.

(h) Property, Plant and Equipment

Property, plant and equipment assets are stated at cost less accumulated depreciation and any provision for impairment. Depreciation is provided on all property, plant and equipment, other than freehold land and artwork, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over their estimated useful lives as follows:

• Motor Vehicles 20% per annum

• Buildings 2% per annum*

• Refurbishment to Existing Buildings 20% per annum

• Leasehold Improvements 20% per annum

• Fixtures & Fittings 25% per annum

• Computers 33% per annum

• Technical Equipment 25% per annum

• Land 0% per annum

• Artwork 0% per annum

* Previously Buildings were depreciated at 4% per annum. The depreciation rate has been changed to 2% per annum effective from 1 January 2015.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.


40 41

Expenditure on assets with an individual cost below the capitalisation threshold (€2,500) are expended in the Statement of Income and Expenditure and Retained Revenue Reserves in the year of purchase.

(i) Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each year end. If there is objective evidence of impairment, an impairment provision is recognised in the Statement of Income and Expenditure and Retained Revenue Reserves in the year.

(j) Provision of Doubtful Debts

Trade Debtors

Doubtful debts are provided for by way of a specific provision.

(k) Retirement Benefits

The Industrial Development (Forfás Dissolution) Act 2014 (No 13 of 2014), passed into law on 16 July 2014, made provision for the dissolution of Forfás and provided for the establishment of Enterprise Ireland as a separate legal employer (previously Enterprise Ireland staff were seconded from Forfás). In accordance with the legislation:

(i) Enterprise Ireland established its own Retirement Benefits scheme (funded annually on a pay as you go basis from monies provided by the Department of Jobs, Enterprise and Innovation). Enterprise Ireland staff who were members of the Forfás Retirement Benefits schemes joined the new Enterprise Ireland scheme. Retirement Benefits scheme (currently operated on an administrative basis) on superannuation terms no less favourable than those they enjoyed under the Forfás Scheme immediately before the date of transfer.

(ii) Enterprise Ireland is responsible for the Retirement Benefits costs of staff who retire after 31 July 2014.

(iii) The Department of Jobs, Enterprise and Innovation assumes legal responsibility for the existing Forfás Retirement Benefits schemes and existing Enterprise Ireland pensioners and former staff with preserved benefits.

Enterprise Ireland also operates the Single Public Services Retirement Benefits Scheme (Single Scheme), which is the defined benefit scheme for pensionable public servants appointed on or after 1 January 2013. Single Scheme members’ contributions are paid over to the Department of Public Expenditure and Reform.

Retirement Benefits costs reflect retirement benefits earned by employees and are shown net of staff retirement benefits contributions which are remitted to the Department of Jobs, Enterprise and Innovation.

An amount corresponding to the retirement benefits charge is recognised as income to the extent that it is recoverable, and offset by grants received in the year to discharge retirement benefits payments.

Actuarial gains or losses arising on scheme liabilities are reflected in the Statement of Comprehensive Income and a corresponding adjustment is recognised in the amount recoverable from the Department of Jobs, Enterprise and Innovation.

Retirement Benefits liabilities represent the present value of future retirement benefits payments earned by staff to-date. Deferred retirement benefits funding represents the corresponding asset to be recovered in future periods from the Department of Jobs, Enterprise and Innovation.

Retirement Benefits scheme liabilities are measured on an actuarial basis using the projected unit credit method.

(l) Leases

Operating leases

As lessor

Leases where Enterprise Ireland retains substantially all the risks and benefits of ownership after entering into the lease agreement are classified as operating leases. The carrying value of the leased assets are recorded in the Statement of Financial Position and accounted for in accordance with the accounting policy for property, plant and equipment. Rental Income is recognised on a straight line basis in the Statement of Income and Expenditure and Retained Revenue Reserves.

As lessee

Rental expenditure under operating leases are charged to the Statement of Income and Expenditure and Retained Revenue Reserves on a straight-line basis over the lease period except where there are rental increases linked to expected general inflation, in which case these increases are recognised when incurred.

(m) Foreign Currency

Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the date of the Statement of Financial Position. Transactions in foreign currencies are translated at the exchange rates ruling at the dates of the underlying transactions. The resulting profits or losses are dealt with in the Statement of Income and Expenditure and Retained Revenue Reserves.


41

(n) Critical accounting judgements and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements have had the most significant effects on amounts recognised in the Financial Statements.

Non-Traded Financial Fixed Assets - Seed and Venture Capital Funds

The value of Financial Fixed Assets (Seed and Venture Capital Funds) that are not traded in active markets is determined by using valuation techniques applied by the Fund Managers who exercise judgement in selecting a variety of methods and make assumptions that are mainly based on observable data and conditions existing at each reporting date. The guidelines followed by the Fund Managers in arriving at the valuations are in accordance with the valuation principles of the European and Irish Venture Capital Associations.

Retirement Benefit Obligation

The assumptions underlying the actuarial valuations for which the amounts recognised in the Financial Statements are determined (including discount rates, rates on increase in future compensation levels, mortality rates) are updated annually based on current economic conditions, and for any relevant changes to the terms of the retirement benefits and post-retirement plans.

The assumptions can be affected by:

(i) the discount rate, changes in the rate of return on high-quality corporate bonds

(ii) future compensation levels, future labour market conditions

Impairment of Assets

- Other Investments

Other Investments are measured at cost less impairment at the reporting date. Indicators of impairment are based on a review process using the latest audited or management accounts of the investee companies or other relevant business information. If there is evidence of impairment, an impairment provision is recognised in the Statement of Income and Expenditure and Retained Revenue Reserves in the year. Where there is evidence that the previous impairment provision no longer applies, those provisions are reversed.

- Public Benefit Entity Concessionary Loans

Repayable grants are classified as Public Benefit Entity (PBE) Concessionary loans. PBE Concessionary loans are reviewed annually for indicators of impairment based on the repayment history of the grantee and management’s view of the collectability of the debt. A specific provision is recognised in the Statement of Income and Expenditure and Retained Revenue Reserves where the repayment of the debt is doubtful.


4342

Notes to the Financial Statement for the year ended 31 December 2015

2 Oireachtas Grants - Department of Jobs Enterprise and Innovation (Vote 32)

(a) Under Section 11 of the Industrial Development Act, 1993, as amended by section 4(a) of the Industrial Development Act, 2009, the aggregate amount of grants made by the Minister to

Enterprise Ireland, IDA Ireland and Science Foundation Ireland to enable them to discharge their Capital obligations and liabilities shall not exceed €7 billion. At 31 December 2015 the aggregate amount made available to the three Agencies was €5.521 billion (2014 - €5.190 billion) of which Enterprise Ireland and the former Forbairt received €1.306 billion (2014 - €1.253 billion).

(b) Under Section 14(3) of the Industrial Development Act 1986, the aggregate amount of grants made by the Minister to Enterprise Ireland, IDA Ireland and Science Foundation Ireland to enable

them to meet their obligations and liabilities in respect of principal and interest on foot of Loan Guarantees under that Act and under Section 37 of the Industrial Development Act 1969, Sections 2 and 3 of the Industrial Development Act 1977, shall not exceed €159m. At 31 December 2015 the aggregate amount so provided was €13.547m (2014 - €13.547m), all of which related to Enterprise Ireland clients.

(c) The grant for Promotion and Administration expenditure of €71.229m is stated net of employee retirement benefits contributions totalling €2.244m remitted to the Department of Jobs, Enterprise and Innovation (in respect of Enterprise Ireland’s draft staff retirement benefits scheme) and Department of Public Expenditure and Reform (in respect of the single service retirement benefits scheme).

The Oireachtas grants voted to Enterprise Ireland from the Department of Jobs, Enterprise and Innovation as shown in the financial statements consist of:

2015 2014 Notes Vote €’000 €‘000

Grant for Financial Supports to Industry A7.2 52,755 37,593

Grant for County and City Enterprise Boards (dissolved) 6(c) A8 - 7,876

Grant for Local Enterprise Offices 6(c) A8 29,280 21,428

Grant for Promotion and Administration Expenditure 2(c) A7.1 71,229 69,657

Grant for Capital Equipment A7.3 700 700

Science & Technology Development Programme B4.1 123,568 123,255

277,532 260,509

43


3 Funding from other Government Departments

(a) European Globalisation Adjustment Fund (EGF)

The European Globalisation Adjustment fund aims to support workers, mainly in regions and sectors which have been disadvantaged by exposure to the globalised economy. The EGF funds received in 2015 related to Lufthansa Technik and Anderson Ireland (2014 - Talk Talk) which were disbursed to the relevant Local Enterprise Offices. Funding was provided by the Department of Education and Skills.

(b) Food Competitiveness Fund

The Food Competitiveness Fund was approved by Government in 2009 for the food industry to support initiatives, including Lean manufacturing, Research & Development and Marketing Initiatives. Funding is provided by the Department of Agriculture, Food and the Marine.

(c) IERC Project

The International Energy Research Centre, IERC, is a collaborative industrial research and innovation technology centre working in an integrated sustainable energy systems space. The centre was announced by the Government in April 2010 with a public investment of €20 million, jointly funded by the Department of Jobs, Enterprise and Innovation and the Department of Communications, Energy and Natural Resources.

2015 2014 Notes €’000 €‘000

Beef and Sheep meat Investment Fund - Department of Agriculture, Food and the Marine 6(b) 3,270 4,260

Food Competitiveness Fund - Department of Agriculture Food and the Marine 3(b) 2,407 3,270

National Training Fund - Department of Education and Skills 3,500 3,500

Joint Economic Commission Projects - Department of Foreign Affairs and Trade 67 99

European Globalisation Adjustment Fund - Department of Education and Skills 3(a) 93 144

International Energy Research Centre - Department of Communications, Energy and Natural Resources 3(c) 531 1,507

LEO Online Trading Voucher Scheme - Department of Comminications, Energy and Natural Resources 1,822 654

11,690 13,434

44 45


4 Own Resources

In accordance with Enterprise Ireland’s accounting policy, Dividend income is recognised when the right to receive payment has been established, it is probable the income will be received and the amount can be measured reliably. Enterprise Ireland was notified in 2015 that 25 (2014 - 44) companies with Dividends outstanding amounting to €1.606m (2014 - €2.898m) had been formally liquidated/dissolved. As a result this amount is not collectable.

In accordance with Enterprise Ireland’s accounting policy Financial Support Refund income is recognised when it is probable the cash will be received and the amount can be measured reliably. Financial supports become repayable if certain circumstances, as set out in the letter of offer, occur such as liquidation/dissolution. During 2015, Financial Support Refunds of €1.884m (2014 - €4.566m) were received. Enterprise Ireland was notified in 2015 that 13 (2014 - 25) companies with Financial Support refundable amounting to €4.236m (2014 - €3.193m) had been formally liquidated/dissolved. As a result this amount is not collectable.

2015 2014 Notes €’000 €‘000

Financial Support Refunds 1,884 4,566

Dividends 3,955 3,056

Professional Fee Income 4(a) 2,743 2,131

Rental Income 4(b) 455 437

Other Income 4(c) 714 2,290

9,751 12,480

a) Professional Fee Income

2015 2014 €’000 €‘000

Professional Services 441 348

Market Project Income 2,302 1,783

2,743 2,131

Income under this heading includes amounts received for Research Work, Tests, Investigations,Market Projects and Consultancy undertaken on behalf of clients.

Restated

45


b) Rental Income

2015 2014 €’000 €‘000

Office Sub-Lettings 455 437

455 437

c) Other Income

a) Income from Non Exchequer CEB Bank Accounts transferred to EI at dissolution

The County and City Enterprise Boards (dissolved) participated in a number of Non Exchequer funded programmes such as Trade Links, Harnessing Natural resources, Eiris Initiative and various cross border projects. The cash in the various bank accounts relating to these programmes transferred to Enterprise Ireland upon the dissolution of the CEBs. These programmes are being completed by the Local Enterprise Offices and this cash was transferred by Enterprise Ireland to the LEOs in 2014 to meet the relevant funding requirements. The transferred cash of €0.534m is included in the funding provided to the Local Enterprise Offices in 2014 of €31.161m (See Note 6 b).

b) CEB Refundable Aid Bank balances transferred to EI at dissolution

The County and City Enterprise Boards (dissolved) issued grants to clients with a repayable element (Refundable Aid). The Refundable Aid received was held in separate bank accounts and used by the CEBs to fund Measure 1 Grant payments. The cash in the refundable aid bank accounts at dissolution transferred to Enterprise Ireland. This cash was transferred by Enterprise Ireland to the Local Enterprise Offices in 2014 to meet funding requirements re Measure 1 grant commitments. The transferred cash of €6.564m is included in the funding provided to the Local Enterprise Offices in 2014 of €31.161m (See Note 6 b).

2015 2014 €’000 €‘000

Bank Deposit Interest 1 1

Contribution to Central Overheads by Other Organisations 158 90

Contribution to Education in Ireland 389 383

Other 166 1,816

714 2,290

During 2015 contributions to Education in Ireland of €0.190m (2014 - €0.190m) were made by the Department of Education and Skills and contributions of €0.199m (2014 - €0.193m) were made by third level institutions. Education in Ireland is the umbrella brand for marketing the Irish higher education and the English Language Sectors internationally. The brand is one of the commitments in the Programme for a National Government 2011-2016.

5 County Enterprise Boards (dissolved) Funds

2015 2014 Notes €’000 €‘000

Non Exchequer CEB Bank balances transferred to EI at dissolution 5(a) - 534

CEB Refundable Aid Bank balances transferred to EI at dissolution 5(b) - 6,564

- 7,098

4746


6 Financial Support to Industry

2015 2014 Notes €’000 €‘000

(i) Company Development

Employment 14,876 11,960

Beef and Sheep meat Investment Fund 6(a) 3,270 4,260

Fixed Asset Support 17,450 8,636

Technology Infrastructure 74 -

Marketing & Knowledge Transfer Support 13,805 12,646

Feasibility 3,248 3,743

Management Development & Training 6,914 8,341

Consultancy Grants 973 786

Community Enterprise Centres 640 1,086

61,250 51,458

(ii) Third Parties

Business Innovation Centres 2,211 2,200

Design and Crafts Council of Ireland 7,753 3,469

County and City Enterprise Boards (dissolved) 6(b) - 4,595

Local Enterprise Offices 6(b) 31,576 31,161

41,540 41,425

(iii) Science & Technology Development Transforming R&D Activity in Enterprise 6(c) 20,870 23,622

Industry Collaboration with 3rd Level Sector 6(d) 42,042 42,053

Realising the Commercial Potential of Ireland’s Research Community 6(e) 30,335 28,360

93,247 94,035

Charged to the Statement of Income and Expenditure and Retained Revenue Reserves 196,037 186,918

Financial Support to Industry capitalised on the Statement of Financial Position

Investments in Shares 6(f) 27,619 31,275

Seed & Venture Capital Funds 54,102 45,720

Public Benefit Entity Concessionary Loans 19 3,454 2,296

Total Financial Support to Industry 281,212 266,209

47


a) Beef and Sheep meat Investment Fund

In December 2008 the Minister for Agriculture, Food and the Marine launched the Beef and Sheep meat Investment Fund to be administered by Enterprise Ireland. The purpose of the fund is to support capital investments, that seek to better utilise the overall industry capacity through increased scale in primary processing, increased added value in further processing and improved efficiencies to allow Irish companies compete internationally.

b) County and City Enterprise Boards and Local Enterprise Offices

During 2007 the Minister for Jobs, Enterprise and Innovation authorised Enterprise Ireland to exercise the functions conferred on the Minister by the Industrial Development Act 1995 in relation to the County and City Enterprise Boards (CEBs) previously the responsibility of the Micro Enterprise policy unit of the Department of Jobs, Enterprise and Innovation.

A Government decision and the enactment of the County Enterprise Board (Dissolution) Act 2014 resulted in the dissolution of the CEBs on 14 April 2014 and the transfer of their functions, assets and liabilities to Enterprise Ireland. Local Enterprise Offices (LEOs) have been established in each Local Authority where they deliver a range of grant support and capability development functions to the micro-enterprise sector on behalf of Enterprise Ireland.

c) Transforming R&D Activity in Enterprise

This activity comprises the following sub-measures: R&D Fund, which provides support for research, development and technological innovation relevant to all stages of company development and Innovation Management, which supports the provision of training and consultancy to companies in the areas of R&D and the management of innovation.

d) Industry Collaboration with 3rd Level Sector

This activity comprises the following sub-measures: Technology Gateways, which provides for the support of applied research networks in Institutes of Technology, aimed at building sufficient scale to allow them to make an impact on industry in their locality; Innovation Partnerships, which supports joint R&D projects involving companies and colleges, where the bulk of the R&D is carried out within a third level institute or a public research organisation; Technology Centres, which supports the establishment and maintenance of centres aimed at developing close interactions with companies with the intention of transferring knowledge and skills about technologies of direct relevance to business; International Collaboration, which provides support for Horizon 2020-related activities in the third-level sector; Innovation Vouchers, which facilitates company access to knowledge providers in the third level colleges and New Frontiers programme, which provides training, support and mentoring to entrepreneurs who wish to accelerate the development of their new business.

e) Realising the Commercial Potential of Ireland’s Research Community

This activity comprises the following sub-measures: Commercialisation Fund, which supports academic researchers to take the outputs of research with commercial potential and bring it to a point where it can be transferred into industry; Technology Transfer Strengthening, which is designed to support a network of dedicated staff placed within the commercialisation function of third-level institutions to ensure that best use is made of research outputs with commercial potential; and Incubators, which supports the cost of building and management of incubator centres associated with Universities and Institutes of Technology to encourage the spin-off of technology and the structured collaboration between firms in the locality and the college.

f) Investments in Shares

The investment in shares refer to 270 undertakings (2014 - 276).

4948


7 Disbursements to other State Agencies

2015 Udárás IDA Notes na Gaeltachta Ireland Total €’000 €‘000 €‘000

R&D Fund 6(c) - - -

- - -

2014 Udárás IDA Notes na Gaeltachta Ireland Total €’000 €‘000 €‘000

R&D Fund 6(c) 1,169 - 1,169

1,169 - 1,169

8 Administration, Operation and Promotion

2015 2014 Notes €’000 €‘000

Remuneration and Other Pay Costs 8(a) 55,164 57,188

Voluntary Leaving Programme 2,730 -

Library Services and Other Client Related Costs 721 748

Rents, Rates, Service Charges & Insurance 8,539 8,484

Travelling Expenses 4,087 4,231

Printing, Postage & Stationery 609 590

Communication & IT Costs 3,055 3,093

Repairs, Maintenance & Leasing Charges 598 638

Light, Heat & Cleaning 927 1,084

Board Members’ Emoluments (Including CEO Remuneration) 8(d) 308 285

Professional Fees 2,460 2,083

Audit Fee 90 79

Property, Plant and Equipment Below Capitalisation Threshold 8(e) 354 317

Advertising & Marketing 633 661

Other Operating Expenses 572 581

80,847 80,062

Restated

49


a) Remuneration and Other Pay Costs

c) Retirement Benefits related deduction

During 2015 €2.833m (2014 - €2.991m) retirement benefits related deductions were deducted from the staff of Enterprise Ireland and paid over to the Department of Jobs, Enterprise and Innovation. The Local Enterprise Offices and the Design and Crafts Council of Ireland deducted retirement benefits related deductions from their staff amounting to €0.139m and €0.029m (2014 - €0.025m) respectively. The County and City Enterprise Boards (dissolved) deducted retirement benefits related deductions from their staff amounting to €0.199m in 2014. These deductions were paid to Enterprise Ireland who in turn forwarded them to the Department of Jobs, Enterprise and Innovation.

b) Remuneration Breakdown No of Employees No of Employees Employee Benefits 2015 2014

€60,000 to €70,000 88 100

€70,001 to €80,000 105 114

€80,001 to €90,000 118 112

€90,001 to €100,000 41 42

€100,001 to €110,000 17 15

€110,001 to €120,000 3 5

€120,001 to €130,000 1 2

€130,001 to €140,000 3 3

€140,001 to €150,000 4 6

€150,001 to €160,000 - 1

€160,001 to €170,000 - -

€170,001 to €180,000 - -

€180,001 to €190,000 1 1

2015 2014 €’000 €‘000Remuneration and Other Pay Costs

Salaries 50,652 51,942

Other Pay Costs:

Employer’s Contribution to Social Welfare 2,700 3,205

Employer’s Contribution to Pension Schemes 153 401

Staff Training and Development 511 546

Recruitment/Relocation Costs 692 664

Other Staff Related Costs 456 430

55,164 57,188

Recruitment and Relocation costs are mainly associated with the reassignment of staff in the Overseas/Regional Office Network. Other Staff related costs include: Canteen subvention, Staff members professional subscriptions (subject to BIK), Employee Assistance Programme, Health Screening and Retirement Planning.

Restated

5150


d) Board Members’ Emoluments

Board Fee Re-imbursed Expenses Number of meetings Other Enterprise Ireland Committee membership € € attended in 2015

Terence O’Rourke (Chairman) 20,449 - 10 Performance & Resource Planning; Special Advisory Committee & Innovation Fund Ireland Committee

Julie Sinnamon (CEO) - 4,662 10 Investment Portfolio Review Committee

Elaine Coughlan 11,929 - 10 Performance and Resource Planning Committee

Lisa Dillon 1,560 - 1

Clare Dunne - 244 10 Investment Portfolio Review Committee

Patrick Flynn 11,929 - 10

Colum Horgan 11,929 7,004 9 Audit Committee

John Mc Mahon 11,929 325 10 Investment Portfolio Review Committee

Geoff Meagher 11,929 1,932 10 Audit Committee and Special Advisory Committee

Helen Ryan 11,929 3,692 9 Audit Committee

Bob Savage 6,607 - 6

Dave Shanahan 2,340 - 2

David Walsh 2,340 151 2

Total 104,870 18,010

Ms Sinnamon continued to receive her Executive Directors Salary until the CEO’s contract was finalised on 25 May 2015. Arrears of €12,442 were paid to Ms Sinnamon in 2015 relating to her role as CEO for the period 04 November 2013 to 31 December 2014. The CEO Remuneration package for 2015 was made up as follows: annual basic salary €168,210, standard public sector retirement benefits arrangements and a company car subject to benefit in kind (€12,375). The Chief Executive Officer did not receive any performance related payment in 2015.

The total compensation paid to key management personnel (the CEO and the members of the Board) in 2015 amounted to €307,700.

During 2015 ten Board meetings were held. There were three new appointments to the Board, Ms Lisa Dillon, Mr Dave Shanahan and Mr David Walsh. Mr Bob Savage retired. Ms Clare Dunne, Assistant Secretary, Department of Jobs, Enterprise and Innovation does not receive any board fee. Ms Julie Sinnamon, CEO, did not receive a Board fee in line with the One Person One Salary principle.

e) Property, Plant & Equipment Assets below the Capitalisation threshold

Expenditure on assets with an individual cost below the capitalisation threshold of €2,500 are expended in the Statement of Income and Expenditure and Retained Revenue Reserves in the year of purchase.

51


9 Retirement Benefits Scheme

a) The Industrial Development (Forfás Dissolution) Act 2014 (No 13 of 2014) passed into law on 16 July 2014, made provision for the dissolution of Forfás and provided for: the establishment of Enterprise Ireland as a separate legal employer; Enterprise Ireland developing its own retirement benefits scheme noting that staff who were members of the Forfás retirement benefits Scheme join the new Enterprise Ireland Scheme (currently operated on an administrative basis) on superannuation terms no less favourable than those they enjoyed under the Forfás Scheme immediately before the date of transfer and Enterprise Ireland accounting for the associated Retirement Benefits Liabilities. The Department of Jobs, Enterprise and Innovation assumes legal responsibility for the existing Forfás retirement benefits schemes, pensioners and former staff with preserved benefits. Enterprise Ireland has responsibility for the retirement benefits costs of staff retiring from Enterprise Ireland post 31 July 2014, under the Industrial Development (Forfás Dissolution) Act 2014.

a.1) Enterprise Ireland also has responsibility for the retirement benefits costs of staff who are members of the single public service retirements benefits scheme (single scheme). a.2) Under the Financial Measures (Miscellaneous Provisions) Act 2009 the assets of the two funded retirement benefits schemes were transferred to the National Pension Reserve Fund on 31

December 2009. The retirement benefits schemes associated with these two funds continue in force for existing members with no impact on benefits or associated provisions for members. Employer and employee contributions for these schemes are remitted to the Exchequer and retirement benefits costs at retirement are now paid by Oireachtas Grant subhead A7-1.

Scheme Staff Covered Type

Enterprise Ireland (a) Staff recruited by the former Forfás up to 5 April 1995 who became pensionable after that date,

(b) Staff recruited by the former Forfás after 5 April 1995,

(c) A small number of staff previously covered by the FÁS / AnCo Schemes,

(d) A small number of staff previously covered by the Shannon Free Airport Development Co. Ltd Superannuation Scheme,

(e) A small number of staff previously covered by the County and City Enterprise Board Schemes.

Unfunded Defined Benefit both Contributory and Non Contributory

Former IDA staff and those recruited by the former Forfás in the appropriate grades between 1 January 1994 and 5 April 1995

Contributory Defined Benefit funded until 31/12/2009 see note (a.2)

Former Eolas staff (other than those covered by the former NBST scheme below) and those recruited by the former Forfás in the appropriate grades between 1 January 1994 and 5 April 1995

Unfunded Non Contributory Defined Benefit

A small number of former NBST staff serving on 31 December 1987 Unfunded Contributory Defined Benefit

A small number of former Irish Goods Council staff serving on 31 August 1991 Contributory Defined Benefit funded until 31/12/2009. See note (a.2)

Former An Bord Tráchtála staff (other than those covered by the Irish Goods Council scheme above) who were pensionable employees on 23 July 1998

Unfunded Contributory Defined Benefit

5352


b) Retirement Benefits Disclosure under FRS 102

Financial Reporting Standard 102 (FRS 102) requires financial statements to reflect at fair value the assets and liabilities arising from an employer’s superannuation obligations and any related funding, and to recognise the costs of providing superannuation benefits in the accounting periods in which they are earned by employees.

c) Analysis of total retirement benefits charge

2015 2014 €’000 €‘000

Service Costs 13,682 5,422

Interest on Retirement Benefits Scheme Liabilities 6,845 3,822

Employee Contributions (2,242) (1,012)

18,285 8,232

d) Net Deferred Funding for retirement benefits in year

2015 2014 €’000 €‘000

Funding recoverable in respect of current year retirement benefits cost 20,529 9,244

Funding to pay retirement benefits (3,747) (646)

16,782 8,598

Restated

53


e)

2015 2014 €’000 €‘000

Retirement Benefits Obligations (325,064) (298,086)

made up of:

Present Value of Retirement Benefits Schemes’ Liabilities (325,064) (298,086) Change in Retirement Benefits Schemes’ Liabilities

Present Value of schemes’ obligations at start of year (298,086) -

Retirement Benefits Liability transferred from former Forfás - 31 July 2014 - (289,662)

Current Service Cost (13,682) (5,422)

Interest Costs (6,845) (3,822)

Payments to pensioners 3,747 646

Experience (loss)/gains on Retirement Benefit Obligations (3,264) 6,020

Change in assumptions underlying the present value of retirement benefits Liabilities (6,934) (5,846)

Present Value of schemes’ obligations at end of year (325,064) (298,086)

Enterprise Ireland recognises as an asset an amount corresponding to the unfunded deferred liability for retirement benefits on the basis of the set of assumptions described below and a number of past events. These events include the statutory basis for the establishment of the superannuation schemes, and the policy and practice currently in place in relation to funding public service. Enterprise Ireland has no evidence that this funding policy will not continue to meet such sums in accordance with current practice.

The deferred funding asset for retirement benefits at 31 December 2015 amounted to €325.1m. The quantification of the liability is based on the financial assumptions set out in Note 9 (f). The assumptions used, which are based on professional actuarial advice, are advised to the Department of Jobs, Enterprise and Innovation.

Projected Unit Projected Unit Valuation Method: 2015 2014

Discount Rate 2.65% 2.30%

Future Salary Increases 3.20% 2.75%

Future Retirement Benefits Increases 2.70% 2.25%

Inflation Rate 1.70% 1.25%

Weighted average life expectancy for mortality tables used to determine benefit obligations at: Member age 65 (Current life expectancy in years) Male 20.9 20.8

Female 23.5 23.4

Member age 45 (life expectancy at age 65 in years) Male 23.5 23.3

Female 25.6 25.5

f) The valuation used for FRS 102 disclosures has been based on a full actuarial valuation at 31 December 2015. The financial assumptions used to calculate scheme liabilities under FRS 102 as at 31 December 2015 were as follows:

g) Funding Retirement Benefits Payments for unfunded obligations are expected to amount to €2.6m in 2016.

Restated

5554

10 Movement in Value of Fixed Assets

11 Reduction in Value of Public Benefit Entity Concessionary Loans

12 Profit on disposal of Fixed Assets (net)

2015 2014 Notes €’000 €‘000

Depreciation of Property, Plant & Equipment 17 1,166 1,190

Movement in Fair Value of Seed and Venture Capital Funds 18(a) (31,431) (17,526)

Movement in Fair Value of Quoted Investments 18(b) (1,371) (27)

Provision for the impairment in the Value of Unquoted Investments 18(c) 26,723 31,327

Reduction in Value of Investments - Write Offs re Companies Liquidated/dissolved 18(c) 26 442

(4,887) 15,406

2015 2014 Notes €’000 €‘000

Write-off’s for the Year 19 251 231

Movement in Provision for doubtful debts for the Year 19 1,496 (131)

1,747 100

2015 2014 Profit/(Loss) Profit/(Loss) on Disposal on Disposal €’000 €‘000

Property, Plant & Equipment (2,220) 14

Financial Fixed Assets 15,985 28,649

13,765 28,663


Restated

55

2015 2014

Net Book Sale Profit/(Loss) Net Book Sale Profit/(Loss) Amount Proceeds on Disposal Amount Proceeds on Disposal €’000 €’000 €‘000 €‘000 €‘000 €‘000

Property, Plant & Equipment - Disposals 2,228 8 (2,220) - 14 14

2,228 8 (2,220) - 14 14

Previous Provision Net Book Fair Value Sale Profit/(Loss) Original Cost for Impairment Amount Carrying Amount Proceeds on Disposal net €’000 €’000 €‘000 €‘000 €‘000 Financial Fixed Assets:

Seed and Venture Capital Funds - - - 31,809 35,654 3,845

Investments in Shares - Quoted - - - 518 956 438

Investments in Shares - Unquoted 18,122 5,772 12,350 - 24,052 11,702

18,122 5,772 12,350 32,327 60,662 15,985

Previous Provision Net Book Fair Value Sale Profit/(Loss) Original Cost for Impairment Amount Carrying Amount Proceeds on Disposal net €’000 €’000 €‘000 €‘000 €‘000 Financial Fixed Assets:

Seed and Venture Capital Funds - - - 12,286 31,549 19,263

Investments in Shares - Unquoted 16,966 5,086 11,880 - 21,266 9,386

16,966 5,086 11,880 12,286 52,815 28,649


a) The Profit /(Loss) on disposal of Property, Plant & Equipment comprises:

b) The Profit on disposal of Financial Fixed Assets comprises:

Funds in the amount of €1.603m re disposal of investments were held by third parties in escrow on Enterprise Ireland’s behalf at the Statement of Financial Position date. These funds are not reflected in the 2015 financial statements. In accordance with Enterprise Ireland’s accounting policy, these funds will be recognised when Enterprise Ireland receives the funds.

2015

2014

The loss on disposal relates to the Land and Buildings in Glasnevin leased by Enterprise Ireland to Dublin City University for 99 years at a peppercorn rent. The facility will be used as an Innovation and Research Centre. The value of the related assets have been removed from the books of Enterprise Ireland.

5756

13 Contribution to Exchequer

Enterprise Ireland received sanction from the Department of Jobs, Enterprise and Innovation to retain Own Resource Income generated in 2015 of €69.991m (2014 - €65m). Excess own resource income above this level is refundable to the Department of Jobs, Enterprise and Innovation as a Contribution to the Exchequer. The total contribution to the Exchequer in 2015 amounted to €2.863m (2014 - €4.381m) made up as follows:

The Capital Account represents monies Invested in Property, Plant and Equipment, including: Land and Buildings, Motor Vehicles, Fixtures and Fittings, Shares in quoted and unquoted companies and investments in Seed and Venture Capital Funds.

14 Capital Account

The total contribution to the Exchequer in 2014 amounted to €4.381m (2013 - €2.740m) made up as follows:

2015 2014 €’000 €‘000

Excess Proceeds over amount sanctioned by the Department of Jobs, Enterprise and Innovation

Own Resource Capital Income (Redemption of Shares, Dividends, Grant Refunds & Disposal of Equipment) 1,448 666

Refund of Oireachtas grant - Local Enterprise Offices / County and City Enterprise Boards (dissolved) 1,415 3,669

Refund of unused EGF Grants - Local Enterprise Offices / County and City Enterprise Boards (dissolved) - 46

2,863 4,381

2015 2014 Notes €’000 €‘000 €’000 €‘000

Opening Balance 320,434 276,103

Shares transferred from CEBs at dissolution - Original Cost - 5,261

Shares Transferred from SFADCo - 1,214

Net Book Value of Property, Plant & Equipment transferred from CEBs at dissolution - 92

Net Movements on:

Property, Plant and Equipment (2,966) (849)

Investments in Shares (10,627) (12,347)

Seed & Venture Capital Funds 53,724 50,960

Transfer from the Statement of Income and Expenditure and Retained Revenue Reserves 40,131 37,764

Closing Balance 360,565 320,434


Restated

57

16 Taxation Section 227 of the Taxes Consolidation Act, 1997, provides an exemption from tax on the income of non-commercial state bodies except where interest receivable is subject to tax at source

(e.g. DIRT). The net amount of such income is credited to the Statement of Income and Expenditure and Retained Revenue Reserves.

Enterprise Ireland is liable to employer taxes in Ireland and complies with related withholding, reporting and payment obligations. In some countries in which it operates, confirmation has been obtained that local employment taxes do not apply under the Governmental Services article of the relevant double taxation agreement. It has also been confirmed that exemption under the Governmental Services article does not apply in two jurisdictions (France and Belgium) where exemption was previously claimed.

The State Advances Account represents monies advanced to Enterprise Ireland and CEB (dissolved)/LEO client companies by way of repayable financial support, and which is still outstanding, less a provision for doubtful debts.

15 State Advances Account 2015 2014 Notes €’000 €‘000

Opening Balance 14,921 3,349

Refundable Grants transferred to EI from CEBs at dissolution - 12,758

Recoverable grants paid by LEOs 3,454 2,256

Transfer to the Statement of Income and Expenditure and Retained Revenue Reserves 19 (5,827) (3,442) in respect of Public Benefit Entity Concessionary Loans

Closing Balance 12,548 14,921


5958


Land, Buildings Fixtures, Fittings, & Leasehold Computers & Improvements Motor Vehicles Artwork Total €’000 €’000 €’000 €’000

Cost

At 1 January 2015 61,173 257 5,074 66,504

Additions 174 17 237 428

Disposals (31,689) (31) (307) (32,027)

At 31 December 2015 29,658 243 5,004 34,905

Depreciation

At 1 January 2015 57,002 127 4,507 61,636

Charge for Year 852 36 278 1,166

Disposals (29,464) (31) (304) (29,799)

At 31 December 2015 28,390 132 4,481 33,003

Net Book Amount

At 31 December 2015 1,268 111 523 1,902

At 31 December 2014 4,171 130 567 4,868

17 Property, Plant & Equipment

Previously Buildings were depreciated at 4% per annum. The depreciation rate has been changed to 2% per annum effective from 01 January 2015. The disposal of Land and Buildings includes the property located in Glasnevin leased by Enterprise Ireland to Dublin City University for 99 years at a peppercorn rent. The facility will be used as an Innovation and Research Centre.

59


The carrying amount of Enterprise Ireland’s financial assets are summarised by category below

Restated Notes 2015 2014 €’000 €’000

Financial Assets at Fair Value

Seed and Venture Capital Funds 18(a) 222,606 169,400

Investments in Quoted Shares 18(b) 1,739 168

Financial Assets that are Equity Instruments measured at Cost less Impairment Investments in Unquoted Shares 18(c) 134,318 145,998

Total Financial Fixed Assets 358,663 315,566

18 Financial Fixed Assets

a) Seed and Venture Capital Funds

Enterprise Ireland makes funds available under Section 6 of the Industrial Development Act, 1995 for Seed and Venture Capital to assist enterprises to expand and develop new activities or introduce innovations or new technologies. The advances by Enterprise Ireland are transmitted to investment undertakings and combined with private sector funding. Each such fund is managed by an Investment Manager. The outturn for the year was as follows:

Restated 2015 2014 €’000 €‘000Fair Value Carrying Amount

At 1 January 169,400 118,440

Transfer to Quoted Investments (518) -

Additions 54,102 45,720

Disposals (31,809) (12,286)

Gain/(Loss) on Fair Value movement during the year 31,431 17,526

At 31 December 222,606 169,400

The fair value of the investments in the Seed and Venture Capital funds were determined using a mix of fair value techniques employed by the Fund Managers.

6160


Listed Investments consist of shares of quoted companies on a recognised stock exchange. The Fair Value of listed Investments was determined with reference to the quoted market price at the reporting date. The fair value of the listed shares at 31 December 2015 was €1.739m (2014 - €0.168m). 2015 2014

€’000 €‘000Fair Value Carrying Amount

At 1 January 168 141

Shares reclassified from Unquoted to Quoted - Cost 225 500

Shares reclassified from Unquoted to Quoted - Impairment (25) (500)

Transfer from Seed and Venture Capital 518 -

Additions - -

Disposals (518) -

Gain/(Loss) on Fair Value movement during the year 1,371 27

At 31 December 1,739 168

The change in accounting treatment of Quoted shares from the lower of cost or net realisable value to fair value on transition to FRS102 did not impact on the carrying value of the Investments at the transition date of 01 January 2014 or at the 31 December 2014. The fair value gain in 2015 relates to shares held in: Rapid7 INC, React Energy PLC & REDT Energy PLC.

Notes 2015 2014

€’000 €‘000Cost

At 1 January 321,351 320,837

Shares Transferred from SFADCo - 1,214

Shares Transferred from CEBs at dissolution - 5,261

Shares reclassified from Unquoted to Quoted (225) (500)

Additions 27,619 31,275

Disposals 10 (18,122) (16,966)

Write-Offs re companies liquidated/dissolved (7,538) (19,770)

At 31 December 323,085 321,351

Provision for Impairment in Value

At 1 January 175,353 168,940

Shares reclassified from Unquoted to Quoted (25) (500)

Release of Disposals (5,772) (5,086)

Release of Write-Offs re companies liquidated/dissolved 10 (7,512) (19,328)

Increase/(Decrease) in provision 26,723 31,327

At 31 December 188,767 175,353

Net Book Amount

At 31 December 134,318 145,998

b) Investments in Quoted Shares

c) Investments in Unquoted Shares

61


The following concessionary loans were held by Enterprise Ireland at year end CEB/LEO Provision for Refundable R&D & Capital Doubtful Financial Support Financial Support Debts Total €’000 €’000 €’000 €’000

Opening balance as at 1 January 2015 13,230 3,825 (2,134) 14,921

Recoverable grants paid to companies 3,454 - - 3,454

Recoverable grants received from companies (3,051) (1,029) - (4,080)

Write offs for the year (244) (7) - (251)

Provision for the year - - (1,496) (1,496)

Net Movement for the Year 159 (1,036) (1,496) (2,373)

Closing balance as at 31 December 2015 13,389 2,789 (3,630) 12,548

Receivable within 12 months 6,247 1,983 (3,630) 4,600

Receivable after 12 months 7,142 806 - 7,948

Total Due 13,389 2,789 (3,630) 12,548

Repayable grants are classified as public benefit entity concessionary loans i.e. loans which are granted for the purpose of furthering the objectives of the public benefit entity. The Recoverable Grants issued by Enterprise Ireland and the Local Enterprise Offices to client companies are not repayable on demand and are granted at below the prevailing market rate of interest or interest free.

2015 2014 €’000 €’000

Amounts falling due within one year :

Trade Debtors 426 808

Prepayments and Accrued Income 3,028 2,853

Payroll Deductions 19 -

Other Debtors 596 605

4,069 4,266

19 Public Benefit Entity Concessionary Loans

20 Receivables

In April 2010, the Minister for Finance established the Credit Review Office (CRO) as a simple and effective review process for small and medium-sized enterprises (SMEs), sole traders and farm enterprises that have been refused credit from banks participating in the NAMA scheme, and to examine credit policy to assist the Minister in deciding what future actions may be necessary to increase the flow of credit. The CRO is hosted by Enterprise Ireland and all costs are recovered from the participating banks. At 31 December 2015 Enterprise Ireland was owed €0.198m (included in Other Debtors) for temporary working capital.

6362


21 Payables - Amounts falling due within one year

22 Commitments

a) Operating Leases

Payments made under Operating Leases on Buildings charged in the financial statements amounted to €6.630m (2014 - €6.487m). Payments under Operating Leases on Buildings amounting to €6.590m are due to be made in 2016. Total future minimum lease payments under non-cancellable operating leases are as follows:

b) Financial Support Commitments

It is estimated that future payments likely to arise from financial support commitments entered into under various support schemes, including EU schemes, will amount to €408m (2014 - €389m).

2015 2014 €’000 €‘000

Trade Creditors 908 718

Payroll Deductions - 839

Accruals 3,942 3,602

Financial Support Creditors 718 63

VAT Payable 64 75

Professional Services Withholding Tax Due 133 122

Contribution to Exchequer 1,863 4,381

Other 510 1,215

8,138 11,015

2015 2014 €’000 €‘000

Within One Year 6,590 6,830

Between One and Five Years 13,954 18,290

After Five Years 33,534 38,339

54,078 63,459

Restated

Restated

63


c) Seed & Venture Capital Funds

It is estimated that future payments likely to arise from Seed & Venture Capital Funds commitments entered into under various contractual agreements will amount to €174m (2014 - €196m).

d) Capital Commitments

There are no material future payments likely to arise from capital building commitments.

23 Property

a) Freehold Land and Buildings

Enterprise Ireland owns Land and Buildings at the following locations:

Net Book Value Net Book Value Location as at 31.12.15 as at 31.12.14 €’000 €’000

Athlone - 31

Cork 10 64

Dundalk - 1

Galway - 176

Glasnevin - 2,221

Shannon - 57

Sligo - 9

Waterford - 44

10 2,603

6564


b) Leasehold property

Enterprise Ireland leases office space at the following locations:

Location Expiry Date Break Clause Annual Premium €’000Head Office - Dublin

East Point (P4A) 2031 2021 1,335

East Point (P4B (2)) 2029 2016 66

East Point (P4C) 2031 2021 1,547

East Point Events Car Park 2016 52

Regional Offices

Letterkenny 2016 24

Tralee 2019 49

Westpark - Shannon 2028 2022 337

Leases transferred from County and City Enterprise Boards (dissolved)

Cavan 2017 24

Cork North 2016 22

Cork South 2016 37

Donegal 2016 24

Overseas Offices

Amsterdam 2016 82

Beijing 2016 ** 161

Boston 2019 ** 95

Doha 2016 60

Dubai 2016 * 79

Dusseldorf 2016 * 119

Hong Kong 2016 89

Istanbul 2018 45

Johannesburg 2016 21

London 2016 * 441

Milan 2018 * 100

Mountain View 2019 ** 196

Paris 2016 115

Perth 2016 10

Sao Paulo 2016 ** 32

Toronto 2017 ** 58

65


b) Leasehold property (cont)

Through memorandums of understanding Enterprise Ireland rents office space from the Department of Foreign Affairs in the locations listed below.

Location Expiry Date Break Clause Annual Premium €’000

Austin 45

Budapest 11

Brussels 44

New York ** 692

Madrid 56

Moscow 21

Prague 36

Riyadh 12

Seoul 73

Shanghai ** 70

Singapore ** 74

Stockholm 35

Sydney 59

Tokyo ** 89

Warsaw 53

Total 6,590

* Incudes rent paid re the sublet of office space to other agencies.

** Includes rent paid re the sublet of incubator space for client companies.

6766


2015 2014 €’000 €’000

Financial Support Approved 5,941 6,014

Financial Support Paid 6,947 8,583

Research Institutes Support Approved 5,219 1,471

Research Institutes Support Paid 9,323 5,311

Seed and Venture Capital Investments Approved 12,500 -

Seed and Venture Capital Investments Paid 10,552 7,216

Seed and Venture Capital Investments Receipts 14,091 6,520

Payments to Suppliers 1,560 892

Other Income Received 175 623

The related party disclosure re Board Members is set out in Note 8 (d).

24 Related Parties - Disclosure of Transactions

Key management personnel in Enterprise Ireland consist of the CEO and members of the Board. Total compensation paid to key management personnel, including Board members’ fees and expenses and total CEO remuneration amounted to €0.308m (2014 - €0.285m). For a breakdown of the remuneration and benefits paid to key management personnel please refer to Note 8 (d).

Enterprise Ireland adopted procedures in accordance with the guidelines issued by the Department of Finance in relation to the disclosure of interests by Board members and those procedures have been adhered to by Enterprise Ireland during the year.

The Board members and Enterprise Ireland complied with the Department of Finance guidelines covering situations of personal interest. In the normal course of business, Enterprise Ireland may approve financial support and investments in preference and ordinary shares and enter into other contractual arrangements with undertakings in which Enterprise Ireland Board members are employed or otherwise interested.

In cases of potential conflict of interest, Board members did not receive Board documentation on the proposed transaction nor did the members participate in or attend discussions relating to the matters. A schedule of these transactions is available on request.

Approval and payments of Financial Support and other transactions that were made in the year to companies by which Board Members are employed or otherwise associated are detailed below. This includes shareholdings in financial institutions that have an interest in Seed and Venture Capital Funds in which Enterprise Ireland is an investor.

These are detailed as follows:

67


25 Voluntary Leaving Programme

Enterprise Ireland introduced a Voluntary Leaving programme in 2015. 51 staff exited the organisation under the programme. The cost of the superannuation and severance lump sums amounted to €3.875m and was funded from Own Resource Income carried forward. Future pension costs will be met from Oireachtas grant.

26 Explanation of transition to FRS 102

As outlined in Note 1 these financial statements are prepared in compliance with FRS102. The date of transition was 1 January 2014. The adoption of this new reporting framework resulted in changes to the following accounting policies:

Financial Assets Short term employee benefitsDividend Income

Set out below is a reconciliation of the financial position determined in accordance with the previous financial reporting framework to the financial position determined in accordance with FRS 102 for the date of transition and the end of the most recent annual financial statements determined in accordance with the previous framework. The effect of the transition on the surplus for the most recent annual financial statements determined in accordance with the previous framework is also provided.

Reconciliation of Capital and Reserves As at As at 1 January 2014 31 December 2014 €’000 €’000

Capital and Reserves (as previously stated) 287,194 324,685

Adjustment to Capital and Reserves on transition to FRS 1021. Financial Fixed Assets at Fair Value 721 19,824

2. Holiday Pay Accrual (1,044) (1,048)

3. Dividend Accrual 713 218

Capital and Reserves (as re-stated) 287,584 343,679

Reconciliation of Surplus before Appropriations for the year Notes Year ended 31 December 2014 €’000

Surplus before Appropriations for the year (as previously stated) 20,291

Adjustment to the Surplus before Appropriations on transition to FRS 102Fair Value Adjustment to Financial Fixed Assets 26(a) 19,103

Holiday Pay Accrual 26(b) (4)

Dividend Accrual 26(c) (495)

Surplus before Appropriations for the year (as re-stated) 38,895

68


a) Financial Fixed Assets at Fair Value

Investments in Seed and Venture Capital Funds and Quoted Shares are measured at Fair Value in accordance with FRS 102, with changes in Fair Value at each reporting date measured in the Statement of Income and Expenditure and Retained Revenue Reserves. Under previous GAAP these assets were reported at cost less impairment.

The Fair Value measurement has resulted in an increase from what was previously reported of €0.721m in the carrying value at the transition date of 1 January 2014, with the Fair Value gains recognised in the surplus before appropriations for the year-ended 31 December 2013.

The Fair Value measurement at 31 December 2014 valued Financial Fixed Assets €19.824m more than previously reported. Therefore, €19.103m of the €19.824m gain recorded at the transition date is recognised in the re-stated Statement of Income and Expenditure and Retained Revenue Reserves for the year ended 31 December 2014.

b) Holiday Pay Accrual

Enterprise Ireland had previously not accrued for holiday pay earned by employees but not availed of at the reporting date. Under FRS 102, The Financial Statements must recognise such accruals.

The impact of this change is an increase of €1.044m in creditors at the transition date and €1.048m at 31 December 2014. The surplus before appropriations is reduced by €1.044m in the year-ended 31 December 2013 and by €0.004m in the year ended 31 December 2014.

c) Dividend Accrual

Enterprise Ireland previously recognised dividend income on a cash receipts basis only. Under FRS 102 Dividend Income must be recognised when the right to receive payment is established. While Enterprise Ireland issues dividend invoices, it is not known if the investee companies have sufficient distributable reserves and therefore the right to receive payment has not been established. Accordingly, Enterprise Ireland recognises dividend income which has been received in the relevant financial year or invoiced in the relevant financial year and received in the first quarter of the following year.

The impact of this change is an increase of €0.713m in receivables at the transition date and €0.218m at 31 December 2014. The surplus before appropriations is increased by €0.713m in the year-ended 31 December 2013 and decreased by €0.495m in the year ended 31 December 2014.

27 Approval of Financial Statements

The financial statements were approved by the Board of Enterprise Ireland on 11 May 2016.

69

ORGANISATION STRUCTURE AS OF JUNE 2016

Regions & Entrepreneurship

FoodResearch & Innovation

International Sales &

PartneringHPSUs

Industrial, Lifesciences &

Consumer

ICT & International

Services

People, Policy & Competitiveness

Finance & Grants Administration

69

Executive Director Global Business Development

Executive Director Finance & Investment

Chief Executive Officer

71

CHIEF EXECUTIVE OFFICER Julie Sinnamon

Executive Director, Global Business Development Kevin Sherry

Executive Director, Finance & Investment Walter Hobbs

Food Michael Cantwell

Corporate Marketing and Communications Conor O’Donovan

Secretary to Board Joe Healy

FOOD Michael Cantwell

Primary Meats and Food Foreign Direct Investment Alan Hobbs

Consumer Food (incl. meat & dairy), Jenny Melia Seafood and Horticulture

Dairy, Functional Foods/Ingredients, Eddie Hughes Beverages and Food Technology

Food Enterprise and HPSUs Jenny Melia

RESEARCH & INNOVATION Gearoid Mooney

Knowledge Transfer Ireland (KTI) Alison Campbell

Budget Management & Reporting Joseph Curtis

Research & Innovation Internationalisation Imelda Lambkin

Lifesciences & Food Commercialisation Deirdre Glenn

Technology Infrastructure & Collaboration Michael Hughes

Manufacturing, Engineering & Energy Commercialisation Declan Lyons

ICT Commercialisation Carol Gibbons

In-Company R&D Supports Joe Madden

REGIONS & ENTREPRENEURSHIP Niall O’Donnellan

LEO Support, Policy & Coordination Richard Murphy

North East and North West Paschal McGuire

Dublin/Mid-East Michael Brougham

Midlands Michael Brougham

South and South East Jerry Moloney

Mid-West and Regional Development Initiatives Jerry Moloney

West Barry Egan

PEOPLE, POLICY & COMPETITIVENESS Niall O’Donnellan

Competitiveness Richard Keegan

Policy, Planning, Government Relations, Garrett Murray Risk Management, Secretariat and Corporate Governance

Capability & Mentoring Development & Mark Christal Client Skills and LEO Centre of Excellence

Procurement, Event Management and Facilities Eileen O’Neill

Human Resources Jean O’Sullivan

GLOBAL BUSINESS DEVELOPMENT Kevin Sherry

Core Department Nicola Nic Pháidín

Growth Engagement Donald Black

Business Process Improvement and IT Deirdre McDonough

INTERNATIONAL SALES & PARTNERING Brendan Flood

High Growth Markets Michael Moriarty

Sales & Marketing Unit and Market Research Centre Michael Moriarty

Potential Exporters Conor Fahy

Central and Eastern Europe, Russia and Latin America Conor Fahy

Czech Republic, Hungary, Romania, Bulgaria and Slovakia Ladislav Muller

70

Poland Mike Hogan

Russia, CIS Gerard MacCarthy

Latin America Eoghan O’Briain

UK and Northern and Western Europe Marina Donohoe

UK - New Market Entrants Christine Esson

UK - Key Sectors Gavin McWhirter

Belgium, Netherlands, Luxembourg Paul Browne

France Sinead Lonergan

Nordic Markets John Roche

Germany, Austria, Switzerland Eddie Goodwin

Southern Europe, Middle East, Africa and India Joe Breslin

Italy Paul Maguire

Spain and Portugal Alberto Cisterna Viladrich

Turkey Jonathan Ryan

Middle East Vacancy (Sean Davis Interim)

Africa Fred Klinkenberg

India Vacancy (Sean Davis Interim)

United States of America and Canada Orla Battersby*/Sean Davis**

New York Ross O’Colmain

West Coast and Southern States Paul Burfield

Boston Doreen McKeown

Canada Neil Cooney

Asia Pacific Tom Cusack

ASEAN Region (Singapore) Smruti Inamdar

Australia, New Zealand Mary Kinnane

China David Byrne

Japan Pat O’Riordan

Korea Dianne Rhee

INDUSTRIAL, LIFESCIENCES & CONSUMER Tom Kelly

Engineering Neil O’Sullivan

Lifesciences Deirdre Glenn

Construction, Clean-tech and Consumer Stephen Hughes

Timber, Paper, Print & Packaging Neil Kerrigan

ICT & INTERNATIONAL SERVICES Leo McAdams

Digital Technologies John MacNamara

Electronics Carol Gibbons

Fin Tech and Education Services Giles O’Neill

Global Sourcing, Public Procurement, BPO Enda McDonnell and Consumer Business Services

Software & ICT Technology Leo McAdams

HIGH POTENTIAL START-UPS (HPSUs) Orla Battersby***

HPSU Start John O’Dea

Industrial & Lifesciences Accelerate Colm MacFhionnlaoich

ICT Accelerate Joe Healy

FINANCE & INVESTMENT Walter Hobbs

Commercial Evaluation and Equity Karen Cohalan

Growth Capital Donnchadh Cullinan

FINANCE & GRANTS ADMINISTRATION Vacancy (Niall O’Donnellan Interim)

Payments Integration Project Joseph Curtis

Finance Leonard Carty

Grants Administration Hugh O’Rourke

71

* to take up position in HPSU in Q3 2016** to take up position in New York in Q3 2016*** to take up position in Q3, 2016

73

ENTERPRISE IRELAND OFFICE NETWORK

REGION/OFFICE TELEPHONE FACSIMILE ADDRESS

HEAD OFFICE

Dublin +(353 1) 727 2000 +(353 1) 727 2020 The Plaza, East Point Business Park, Dublin 3, D03 E5R6

NATIONAL HQ FOR ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT

Shannon +(353 61) 777 000 +(353 61) 777 001 4500 Atlantic Avenue, Westpark, Shannon, Co Clare, V14 Y177

REGIONAL NETWORK

DUBLIN/MID EAST

Dublin +(353 1) 727 2000 +(353 1) 727 2020 The Plaza, East Point Business Park, Dublin 3, D03 E5R6

MIDLANDS

Athlone +(353 90) 648 7100 +(353 90) 648 7101 Dublin Road, Athlone, Co. Westmeath, N37 NX72

NORTH EAST

Dundalk +(353 42) 935 4400 +(353 42) 935 4401 Finnabair Industrial Park, Dundalk, Co. Louth, A91 RYY1

NORTH WEST

Sligo +(353 71) 915 9700 +(353 71) 915 9701 Finisklin Business Park, Sligo, F91 VK3V

Letterkenny +(353 74) 916 9800 +(353 74) 916 9801 CoLab, Port Road, Letterkenny, Co Donegal, F92 CPX7

MID WEST

Shannon +(353 61) 777 000 +(353 61) 777 001 4500 Atlantic Avenue, Westpark, Shannon, Co Clare, V14 Y177

Tralee +(353 66) 714 9394 +(353 66) 714 9380 13/14 Denny Street, Tralee, Co Kerry, V92 XY5C

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SOUTH/SOUTH EAST

Cork +(353 21) 480 0200 +(353 21) 480 0271 Industry House, Rossa Avenue, Bishopstown, Cork, T12 WCH2

Waterford +(353 51) 333 500 +(353 51) 333 501 Waterford Industrial Park, Cork Road, Waterford, X91 K46F

WEST

Galway +(353 91) 735 900 +(353 91) 735 901 Mervue Business Park, Galway, H91 XE9N

OVERSEAS OFFICES

NORTHERN EUROPE

Amsterdam +(31 20) 676 3141 +(31 20) 671 6895 World Trade Center, Strawinskylaan 1351, 1077 XX Amsterdam, Netherlands

Brussels +(31 2) 676 3141 Sablon Tower 14th floor, Rue Joseph Stevens 7, Jozef Stevensstraat, Bruxelles 1000 Brussel, Belgium

London +(44 207) 438 8700 +(44 207) 438 8749 2nd Floor, Shaftesbury House, 151 Shaftesbury Avenue, London WC2H 8AL, England

Paris +(33 1) 5343 1200 +(33 1) 4742 8476 33 rue de Miromesnil, 75008 Paris, France

Stockholm +(46 8) 459 2160 +(46 8) 661 7595 Hovslagargatan 5, 4th Floor, SE-111 48 Stockholm, Sweden

GERMANY, CENTRAL AND EASTERN EUROPE AND THE BALKANS

Budapest +(36 1) 301 4950 +(36 1) 302 9606 Bank Centre, Szabadság tér 7, 1054 Budapest, Hungary

Düsseldorf +(49 211) 470 590 +(49 211) 470 5932 Derendorfer Allee 6, 40476 Düsseldorf, Germany

Moscow +(7 495) 937 5943 +(7 495) 680 5362 c/o Commercial Section, Embassy of Ireland, Grokholski Pereulok 5, 129010 Moscow, Russia

Prague +(420 2) 5719 9621 +(420 2) 5753 2224 Trziste 13, 118 00 Prague 1 Czech Republic

Warsaw +(48 22) 583 1200 +(48 22) 646 5015 Mysia 5, 00-496 Warsaw, Poland

SOUTHERN EUROPE, MIDDLE EAST AND AFRICA

Abu Dhabi +(971 2) 495 8245 Embassy of Ireland, Abu Dhabi, Road 19 off 32 Street, Al Bateen, PO Box 61581, Abu Dhabi, United Arab Emirates

Doha +(974 441) 01735 +(974 441) 01500 Office 825, 8th Floor, Al Fardan Office Tower, West Bay, PO Box 31316, Doha, Qatar

Dubai +(971 4) 3760 400 +(971 4) 329 8372 4th Floor, Office 4b, H Dubai Office Tower, No. 1, Sheikh Zayed Road, PO Box 115425, United Arab Emirates

Istanbul +(90 212) 809 1149 Mecidiyekoy Yolu Cad. Trump Towers Kule 1 No: 3104 Kat:31 34387 – Sisli, Istanbul, Turkey

73


Johannesburg +(27 11) 550 5440 24 Fricker Road, Illovo, Sandton 2196, South Africa

Madrid +(34 91) 436 4086 +(34 91) 435 6603 Casa de Irlanda, Paseo de la Castellana, 46–3, 28046 Madrid, Spain

Milan +(39 02) 880 0991 +(39 02) 869 0243 Via de Amicis 53, 20123 Milano, Italy

Riyadh +(966 1) 488 1383 +(966 1) 488 1094 c/o Embassy of Ireland, Diplomatic Area, PO Box 94349, Riyadh 11693, Kingdom of Saudi Arabia

THE AMERICAS

Austin +(1 512) 792 5499 515 Congress Ave, Suite 1750, Austin, TX 78701

Boston +(1 617) 292 3001 +(1 617) 292 3002 535 Boylston St, 5th Floor, Boston, 02116 MA, USA

New York +(1 212) 371 3600 +(1 21) 371 6398 Ireland House, 345 Park Avenue, 17th Floor, New York, NY 10154-0037, USA

São Paulo +(55 11) 3355 4800 Rua Haddock Lobo, 1421, Conj. 51, Cerqueira César, 01414-003, São Paulo, SP, Brazil

Silicon Valley +(1 650) 294 4080 +(1 650) 329 1818 800 West, EI Camino Real, Suite 420 Mountain View, CA 94040, USA

Toronto +(1 416) 934 5033 +(1 416) 928 6681 2 Bloor Street W, Suite 1501, Toronto, Ontario, M4W 3E2, Canada

ASIA-PACIFIC

Beijing +(86 10) 8448 8080 +(86 10) 8448 4282 c/o Commercial Section, Embassy of Ireland, C612A Office Building, Beijing Lufthansa Ctr., No. 50 Liangmaqiao Road, Chaoyang District, Beijing 100125, China

Hong Kong +(852) 2845 1118 +(852) 2845 9240 Room 504 (5/F), Tower 2 Lippo Centre, 89 Queensway, Admiralty, Hong Kong

New Delhi +(91) 9920844760 Commercial Section, Embassy of Ireland, C17 Malcha Marg, Chanakyapuri, New Delhi 110021, India

Seoul +(82 2) 721 7250 +(82 2) 757 3969 Ireland House, 13th Floor Leema B/D, 42 Jongro 1-Gil, Jongro-Ku, Seoul 110-755, Korea

Shanghai +(86 21) 6010 1380 +(86 21) 6279 7066 Commercial Section, Consulate General of Ireland, Suite 700A, West Tower, Shanghai Centre, 1376 Nanjing Road West, Shanghai 200040, China

Singapore +(65 673) 32180 +(65 673) 30291 Ireland House, 541 Orchard Road #08-00, Liat Towers, Singapore 238881

Sydney +(61 2) 9273 8514 +(61 2) 9264 9589 Level 26, 1 Market Street, Sydney 2000, NSW, Australia

Tokyo +(81 3) 3263 0611 +(81 3) 3263 0614 Ireland House, 2-10-7 Kojimachi, Chiyoda-ku, Tokyo, 102-0083, Japan

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Enterprise Ireland, The Plaza, East Point Business Park, Dublin 3Tel (01) 727 2000 Fax (01) 727 2020www.enterprise-ireland.com

This Annual Report and Accounts is available to view online at:www.enterprise-ireland.com/annualreport2015english/

© Enterprise Ireland June ‘16 - (359)

Ireland’s European Structural and Investment Funds Programmes 2014-2020.

Co-funded by the Irish Government and the European Union.

Documents

ANNUAL REPORT & ACCOUNTS 2015 - Enterprise Ireland · PDF fileANNUAL REPORT & ACCOUNTS 2015 ... A number of Enterprise Ireland client companies are working in the growing market areas