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Focused on Opportunities for Growth William Hill PLC William Hill PLC Annual report and accounts Focused on Annual report and accounts 2016 accounts and report Annual opportunities for growth 2016 Contents 01 46 94 Strategic report Governance Financial statements 02 Chairman’s statement 46 Board of Directors 94 Independent Auditor’s Report 04 Looking ahead 48 Chairman’s introduction 99 Group Financial Statements 10 Strategy update 50 Report on Corporate Governance 141 Parent Company Financial Statements 12 Our business today 60 Report of the Audit and Risk Management 149 Five-year summary Committee 14 Key trends in the market 150 Abbreviations and glossary 64 Report of the Corporate Responsibility 16 Our business model 151 Statement of Group Accounting Policies Committee 18 Key performance indicators 157 Shareholder information 66 Report of the Nomination Committee 20 Our marketplace 68 Directors’ Remuneration Report 24 Divisional overview 90 Directors’ Report 30 Financial review 93 Directors’ responsibilities statement 32 Corporate responsibility 40 Managing our risks 04 10 Looking ahead Strategy update Technology, Building on the the UK and good work International already underway growth 16 48 Our business model Chairman’s introduction to governance Creating Good value for all governance in stakeholders a demanding year Pages 01 to 45 form the Strategic Report of William Hill PLC for the period ended 27 December 2016. The Strategic Report has been approved by the Board of William Hill PLC and signed on behalf of the Board by Philip Bowcock, Interim CEO. 01 William Hill PLC Strategic Annual Report and Accounts 2016 report Introduction Governance Financial statements We are one of the world’s leading gambling companies. With over 80 years of heritage, William Hill is a powerful brand. Millions of people around the world enjoy betting with us. With compelling growth opportunities, we are building on our strengths and investing in our digital and international expansion. And we continue to innovate to give our customers the best possible gambling experience. 02 William Hill PLC Annual Report and Accounts 2016 Chairman’s statement A motivated team driving improvements Gareth Davis Shareholder returns Chairman The Board has approved a full-year dividend of 12.5p per share. Although EPS declined for the reasons described above, the Board believes the Group’s continued strong cash generation and our confidence in delivery of strategic priorities and future growth prospects warrant maintaining the current dividend level at this time. Our target balance sheet is 1-2x net debt to EBITDA4. During the year, we returned £95m to shareholders and invested £104m in the NYX / OpenBet and Grand Parade transactions to improve our technology capability. This left us with net debt to EBITDA for covenant purposes4 of 1.8x at the year-end. Performance overview product, user experience and marketing. In the US, we continue to expand, adding Corporate activities 2016 was a challenging year for William Hill, new sports books in Nevada, launching a with performance below what the Board During the year, we also assessed certain new mobile app and signing an agreement large-scale M&A opportunities. We believe expected at the start of the year. However, that takes us into Iowa. we have made a number of strategic and shareholder value can be realised from leadership changes to address this and Online’s performance was weaker than sector consolidation, not least from cost ultimately delivered a full-year profit within last year. In March, we highlighted that synergies. However, opportunities should the range of our revised expectations. more customers than expected were also present significant industrial logic to using the new ‘time-out’ and automatic be compelling. To summarise the results, Group net self-exclusion measures; we were required revenue1 and profit before interest and The Board declined Rank and 888’s to add these to our portfolio of responsible approach in July first and foremost tax were both up 1%. However, adjusted gambling measures from November 2015. operating profit2, which gives a clearer because of the lack of strategic progress picture of underlying performance, declined While this regulatory requirement was it offered; the combined group would 10% in 2016 to £261.5m (2015: £291.4m) and outside our control, Online was also have remained as exposed to the UK and basic, adjusted earnings per share (EPS)3 affected by weaker performance around land-based businesses as William Hill alone declined 10% to 22.3p (2015: 24.7p). product and marketing. Specifically, new does today. customers acquired in 2015 were generating The potential combination with Amaya was Although we benefited in both wagering less revenue than expected, indicating and margin terms from the EURO 2016 strategically more compelling but, following our marketing was not as efficient as consultation with a number of our major football tournament, other sporting results planned, and the competitiveness of our were poor, including Cheltenham in March shareholders, we decided not to pursue this sports betting and gaming products had opportunity. We, like them, recognise that and significant losses in football in the final diminished while we focused on delivering weeks of the year. there is near-term value to be generated our important front-end platform and from improving our own performance and Excluding the sporting results, Retail, undertook less product development this remains our priority. Australia and the US all performed well. than usual. Retail progressed our omni-channel We changed Online’s leadership early in Corporate governance update strategy by rolling out 2,000 proprietary the year and were pleased to appoint To support the Group’s digital and self-service betting terminals (SSBTs) Crispin Nieboer as managing director of international expansion strategy, we have and also successfully implemented its Online. He has successfully refocused made some key Board changes. In July modernisation programme. This revised the team, who have worked incredibly 2016, James Henderson stood down as the management and staffing model hard to turn around performance. CEO after two years in the role. I would like throughout the business to increase One of their major achievements of the to record the Board’s thanks to him for his customer focus and will also help mitigate year was a redesign of the Sportsbook contribution over more than 30 years with the cost of National Living Wage increases app, delivered in time for the start of William Hill. in future years. It is encouraging to see the EURO 2016. This gave us a market-leading Australian business deliver top-line growth sports betting offering once again and Philip Bowcock took over as Interim CEO following extensive work to improve the we saw early signs of improved financial in July 2016 and continues to perform performance in the second half as a result. excellently in leading the business. 03 William Hill PLC Strategic Annual Report and Accounts 2016 report Governance Financial statements We are also pleased to welcome John O’Reilly, Robin Terrell and, from April 2017, Performance highlights Mark Brooker as Non-executive Directors, who together bring additional digital, multi- channel and gambling industry experience Net revenue1 to the Board. Outlook Looking ahead, we remain focused £1.6bn on continuing to improve Online’s +1% performance. We are progressing our omni- channel plans, bringing Online’s extensive product to Retail’s customers and creating a more consistent cross-channel Profit before Adjusted experience for customers. Australia is now 2 growing well and we continue to build our interest and tax operating profit digital and physical footprint in the US ahead of possible regulatory change. In 2017, we are implementing a £225.6m £261.5m transformation programme that is expected to deliver at least £40m of +1% -10% efficiency savings. Given our confidence in the business, we will be reinvesting these savings in marketing, product development and enhanced technology systems to Basic earnings Basic, adjusted 3 further support growth. per share earnings per share Longer term, our strategy is to grow our digital and international revenues. With a more diverse revenue mix, we can better 18.9p 22.3p manage the volatility inherent in our business from both sporting results and -13% -10% regulatory change. At the same time, the strong cash flows from our UK Retail business support our investments in technology and marketing as well as good Dividend per share returns to shareholders. The Board believes William Hill continues to be very well-placed to benefit from the 12.5p structural growth of online gambling in the UK and internationally. 0% This confidence is underpinned by our core strengths: we have a sports betting capability that is hard to match or replicate; our 83-year-old brand is widely recognised and trusted by customers; and we have built proprietary technologies that enable 1 Net revenue is an industry term equivalent to revenue as defined in the notes to the financial us to give our customers a differentiated statements. – and therefore highly competitive – 2 Adjusted operating profit is defined as profit before interest and tax, excluding exceptional items experience. and other defined adjustments. We previously referred to this metric as ‘Operating profit’ and have updated its naming to clarify that it is an adjusted measure. Further detail on adjusted measures is On behalf of the Board, I would like to provided in note 3 to the financial statements. thank our William Hill colleagues for their 3 Adjusted EPS is calculated using adjusted profit after tax and is used for remuneration purposes (see page 68 onwards) and in evaluating performance for dividend policy purposes. Further detail commitment to the business through a on adjusted measures is provided in note 3 to the financial statements. The calculation of EPS challenging year, and for their continuing measures is shown in note 11 to the financial statements.
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