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2019 Annual Report

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2019 Annual Report GVC HOLDINGS PLC | ANNUAL REPORT 2019 FOR THE GOOD OF ENTERTAINMENT Annual report 2019 44 Safer gambling At GVC, everything we do is For the Good of Entertainment. We’re the global players whose brands you’ll find in local communities, providing responsible sports-betting and gaming that makes the world’s biggest live events even more memorable. OVERVIEW GOVERNANCE Chairman’s introduction 02 Chairman’s letter 68 Board leadership and company purpose 70 STRATEGIC REPORT Division of responsibilities 74 At a glance 04 Composition, succession and evaluation 76 Chief Executive’s review 06 Nominations Committee report 80 Top stories of 2019 12 Audit Committee report 82 For more information see page 45 Marketplace 22 Directors’ Remuneration report 88 Regulatory update 24 Directors’ report 115 Business model 26 Independent Auditor’s report 117 Vision and strategy 28 KPIs 29 Proven technology platform 30 Business review 31 Corporate social responsibility 42 CSR Committee Report 53 Section 172 statement 54 FINANCIAL STATEMENTS Chief Financial Officer’s review 56 Consolidated income statement 124 Principal risks 60 Consolidated statement of 02 comprehensive income 125 Chairman’s Introduction Consolidated balance sheet 126 Consolidated statement of changes in equity 127 Consolidated statement of cash flows 128 Notes to the consolidated financial statements 129 Company balance sheet 178 Company statement of changes in equity 179 Notes to the Company financial statements 180 Glossary 184 For more information see page 02 Shareholder information 185 Corporate information 186 GVC Holdings PLC | Annual Report 2019 OVERVIEW | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS Read our top 44 stories from 2019 Safer gambling we launched the GVC GLOBAL FOUNDATION… For more information see page 12 Established brands, global reach and local focus… For more information see page 14 GVC one, CREATING AN OPERATING POWERHOUSE… For more information see page 16 “ 2019 was yet another highly US – a Land successful year of opportunity… for the Group.” For more information see Kenneth Alexander page 18 Chief Executive Transforming the customer experience… For more information see page 20 GVC Holdings PLC | Annual Report 2019 01 Chairman’s Introduction Performance highlights CHAIRMAN’S INTRODUCTION I am delighted to be writing this, my first “ While I have only been with GVC for statement, as your Chairman at what is a particularly exciting moment in GVC’s extraordinary growth story. Having worked a relatively short period of time, in a number of companies in the gambling sector over many years, GVC is a business it has become immediately clear that I have long admired and whose stellar progress I have followed closely. to me that the business really can A key driver behind this success has been the huge contribution of my predecessor Lee Feldman, who has played an instrumental make the claim that it has industry- role in GVC’s transformation from a small AIM listed business to a major Main Market, leading technology, products, brands, premium listed company. On behalf of everyone at GVC, I would like to sincerely thank Lee for all that he has done in his marketing capabilities and people, 11 years as Chairman. While I have only been with GVC for a underpinned by our determination relatively short period of time, it has become immediately clear to me that the business to spearhead the industry’s approach really can make the claim that it has industry- leading technology, products, brands, to safer gambling.” marketing capabilities and people. It is equally clear to me that I am joining at a time when there is real momentum across all areas of J M Barry Gibson GVC’s operations, as demonstrated by its Non-Executive Chairman strong operational and financial performance in 2019, which has continued into the start of the new financial year. 2019 was another year of excellent progress. The integration of the Ladbrokes Coral businesses is proceeding to plan, and the migration of the Ladbrokes, Coral and Gala online brands are due to complete by the end of the first half of the new financial year. In the US, Roar Digital, our joint-venture with MGM Resorts, made good progress during the year with the highlights being the launch in September of the BetMGM app in New Jersey, as well as the signing of an exclusive multi- year partnerships with Buffalo Wild Wings and Yahoo Sports. Safer Gambling and The GVC Foundation Every aspect of our performance and strategy continues to be underpinned by our determination to spearhead the industry’s approach to safer gaming. Our customers are vital to us to ensure the long-term sustainability of our business. Millions use our products every day and they have a right to do so in a safe and enjoyable environment. We have a responsibility to them and our other stakeholders to protect them from harm as far as possible. We recognise that while the overwhelming majority of customers enjoy our products and services safely, it is critical that we do everything in our power to protect the small minority of customers for whom gambling can become a problem. To that end, in January 2019, we launched our ‘Changing for the Bettor’ programme to minimise gambling-related harm while improving our understanding of the issues. 02 GVC Holdings PLC | Annual Report 2019 OVERVIEW | STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS This programme also supports a number of change, underlying EBITDA was 14% ahead. initiatives including a five-year, multi-million- NGR* (£m) This enabled us to propose a second interim pound research project with the Division on dividend of 17.6p taking the total 2019 Addiction, a Harvard Medical School teaching dividend to 35.2p, an increase of 10% on 2018. hospital; the roll-out of a youth-focused education syllabus with GamCare and EPIC Corporate Governance Risk Management; and the introduction of GVC has evolved into one of the leading sophisticated online player protection tools. global operators in our industry and we have a duty to ensure that it is sustainable for We also recognise that this is a multi- years to come. Your Board is committed to faceted problem, and one that requires both 3,655.1 overseeing and implementing the highest cross-industry collaboration as well as a standards of Environmental, Social and significant increase in investment. In April, +2% Governance (“ESG”) behaviours, which are we committed to a ten-fold increase in the entrenched in our values across the Group. funding of research, education and treatment 2018: 3,571.4 Your Board comprises individuals with diverse of problem gambling to 1% of our UK gross backgrounds and experiences, each of whom gaming revenue by 2022 (equivalent to £20m), bring a wealth of different perspectives to a move that was matched by others in our enable us to deliver GVC’s commercial, social industry. We have also agreed with our largest Underlying EBITDA* (£m) and financial objectives. industry peers to work together to increase safer gambling messages within advertising In addition to the change of Chairman, and to share player data in order to improve there were other additions to the Board identification of vulnerable customers. during the year. Rob Wood was appointed in March as a Director and Chief Financial Our collaborative approach through bodies Officer, replacing Paul Bowtell. Rob has including the Senet Group and the Remote made a fantastic contribution in his first Gaming Association also helped to deliver year in the role, having previously been the pre-watershed “whistle-to-whistle” ban 678.3 CFO of the Ladbrokes Coral UK Retail on broadcast advertising around sport in business. In December we announced the the UK, which came into effect in August. appointment of Jette Nygaard-Andersen GVC also unilaterally committed to ending -10% (+14% regulation adjusted) as an Independent Non-executive Director. shirt sponsorships and perimeter board 2018: 755.3 Jette has more than 20 years’ experience advertising at all UK football clubs. We have in leadership and operational roles in media, diverted sponsorship and advertising revenue entertainment and digital businesses, and to support our partner Children with Cancer her appointment further extends the breadth UK as well as GambleAware. Safer Gambling Commitment and depth of the Board’s collective experience In September we launched The GVC and international outlook. RET investment Foundation, which coordinates and supports Post the year-end, in January, we announced our responsibility initiatives, objectives and our intention to relocate GVC’s place of donations around the world. The Foundation management and control and consequently builds on the Group’s existing efforts, and its tax residence from the Isle of Man to is focused on making a positive impact on the UK, and the adoption of new articles of the societies and communities in which association of the Company to facilitate this we operate. 1% UK GGR relocation. This was subsequently approved This is an area that is of paramount by shareholders at an EGM on 6 February. importance to everyone at GVC, and indeed In addition to easing the administrative to me personally, and we are deeply aware by 2022 (10-fold increase) constraints of arranging Board and that the most responsible operator will be the shareholder meetings outside of the UK, most successful and sustainable operator. 2018: 0.1% this move is part of our wider commitment While we have made huge progress across to operate to the very highest standards of a range of initiatives, we are not complacent governance in all aspects of our operations. * The Group’s proforma results are unaudited and presented and recognise that there is more to be done as if the current Group, post the acquisition of Ladbrokes Finally, none of what has been achieved both by GVC and the wider industry.
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